Crypto trading volume spikes at Swiss bourse amid FTX collapse

abdelaziz Fathi

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

Crypto trading turnover on Switzerland’s principal exchange hit a whopping CHF 126.9 million in November. This figure is 85 percent higher than volumes reported in October. The lion’s share of the volume comes from Ethereum, which accounts for 25 percent of the trades made over the same period.

The Swiss Stock Exchange disclosed that a total of 209 crypto products were traded and 10,483 transactions concluded (+120.7%). The highest turnover was recorded by AETH, an ETP on Ethereum, with CHF 26.4 million; the most transactions were also recorded by AETH, with 2,551 trades.

Overall, the Zurich-based market operator has experienced a notable rise in trading activities for November 2022, according to its latest report.

The statistical report shows that trading turnover at the exchange’s venues, including on SIX Structured Products Exchange Ltd, had a combined nominal value of CHF 93.6 billion, up 18 percent from CHF 79.3 billion a month earlier.

In terms of the total number of transactions, the volumes were numbered at 4.70 million, virtually unchanged month-on-month.

Taking a year-to-date perspective, trading turnover on SIX Swiss Exchange reached a total of CHF 1.12 trillion, 4.6% less than in the corresponding period in 2021, while the number of transactions was 2.1% lower with a total of 56,842,448.

The highest turnover on a single trading day was recorded on 30 November, which saw securities worth a total volume of CHF 8.8 billion changing hands.  Additionally, the highest number of trades was recorded on 11 November, with 320,121.

The infrastructure of SIX once again proved popular and reliable, providing the solid bedrock for new crypto listings. Part of this expansion, Global X, a New York-based provider of exchange-traded funds, joined the ranks of ETPs issuers at the SIX Swiss Exchange.

With the Bitcoin and Ethereum ETP listing by Global X, a total of 168 ETPs with cryptocurrencies as underlyings are offered for trading at SIX Swiss Exchange.

With its strong track record starting in the US, Global X is joining the SIX’s issuer ranks and further expanding the product range to focus on growing its footprint. This brings the total number of crypto issuers to 14. With 18 different cryptocurrencies as underlying assets, SIX currently offers investors access to 208 products, the largest choice of any regulated exchange.

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