Blockchain data firm Kaiko analyzed trading activity on centralized exchanges from different days and time zones.
A recent blockchain analysis has pinpointed a dramatic shift in trading patterns this year from Asia to North America and Europe.
By analyzing trading activity on centralized exchanges from different days and time zones, blockchain data firm Kaiko found that on Coinbase, Gemini and Kraken, the ratio between the volume of weekend and weekly BTC/USD trading doubled from March 2020. This finding showed that the average weekend bitcoin trading volume is growing relative to the average weekday volume on the three exchanges that are more popular among users in the West.
Meanwhile, as the chart below shows, the ratio of the BTC/USDT pair on crypto-to-cyrpto exchanges Binance, Huobi and OKEx has remained at around 1 in weekday and weekend volume over the past year. The three exchanges represent the power of retail investors in East Asia, especially in China.
On the derivatives market, Kaiko saw that, on an hourly basis, trading volume for bitcoin perpetual futures contracts on Binance and FTX, the two biggest derivatives exchanges, surged around 16:00 UTC. The peak trading time on the two exchanges overlaps between European and U.S. trading hours, suggesting that European Union and U.S. jurisdictions have become “extremely” significant for global crypto exchanges.