Last month, Sam Bankman Fried’s trading platform FTX managed to overcome two large cryptocurrency exchanges: Coinbase and OKX, in spot trading. Following a 90% increase in volume over the previous month, FTX surpassed these exchanges.
FTX’s May trading volume increased 80.8% to $69.4 billion, according to CryptoCompare’s May 2022 Exchange Review, putting it the second-largest cryptocurrency trading platform by spot volume behind Binance, which saw its trading volume increased 14.3% to $532 billion last month. Binance holds a 50.9% market share.
FTX also managed to pass OKX, despite its trade volume plummeting by 29.4% to $82.1 billion. Coinbase, on the other hand, put up a fight, increasing its trading volume by 10% to $79.7 billion in spot trading. According to CryptoCompare, spot volume for the 15 top Top-Tier exchanges surged 9.67 % to $1.06 trillion in May.
Notably, the Terra ecosystem collapsed last month in the crypto realm, with both the LUNA and the UST tokens becoming almost worthless. Binance, FTX, Coinbase, OKX, and Bequant were the five major exchanges experiencing a boom in trade volume on May 8, when the collapse began.
BTC spot trading into fiat or stablecoins “saw a jump last month as investors fled to the protection of these assets following the implosion of the Terra ecosystem,” according to the research.
Tether’s USDT remained the favorite stablecoin for investors, with trading volume against BTC increasing by 68.9% last month. BTC trading volumes into fiat currencies increased by 103% to 1.43 million BTC, while volumes into EUR and JPY increased by 190% and 82.7%, respectively.