Cryptocurrency volume hits 261 million at Swiss Stock Exchange

abdelaziz Fathi

Switzerland’s principal exchange has experienced a rebound in trading activities for May 2022, according to its latest report. The broader digital-asset market remains bearish and the recent selloffs have also contributed to higher crypto turnover, the report suggested.

The Swiss Stock Exchange saw improved trading results with volumes aggregating to CHF 114.2 billion, up 3 percent from CHF 106.5 billion in April, which the weakest print so far this year in terms of both trading turnover and number of transactions. Across a yearly interval, the figure was up 17 percent from CHF 93.5 billion in May 2021.

As volatility dropped to levels below the extraordinary peaks of the previous year, trading activity on SIX Swiss Exchange also stabilized in the second quarter.

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 less than $109 billion, at today’s rates, in May.

In terms of the total number of transactions, the volumes were numbered at 5.5 million, up 14 percent month-on-month compared to 4.83 million transactions reported for April 2022. Moreover, the exchange’s volume was lower by 6 percent relative to 5.48 million in the same month of last year.

The highest turnover on a single trading day was recorded on 11 May, which saw securities worth a total volume of CHF 9.4 billion changing hands. The highest number of trades was also recorded on the same day, with 322,205.

SIX remains a popular destination for crypto listings

The Swiss key bourse noted in the press release that its year-to-date volumes, through end of May 2022, were slightly up by 2.1 percent versus the same period in the previous year, coming in at 29.5 million trades. This effect was more apparent in trading turnover which was up 4.9 percent over the same period and totaled CHF 608 billion as of last month.

The Zurich-based market operator also said that cryptocurrency products hit a trading turnover of 249.6 million ($261 million), up from CHF 195.2 million ($200 million) in April. In total, 215 products were traded, and 17,057 transactions concluded. The highest turnover was recorded by ABTC, an ETP on Bitcoin, with CHF 30.0 million; the most transactions were recorded by AETH, an ETP on Ethereum, with 2,527 trades.

The infrastructure of SIX once again proved popular and reliable, providing the solid bedrock for new crypto listings. Part of this expansion, Europe’s largest digital asset investment firm, CoinShares rolled out a physically-backed exchange-traded product (ETP) for the polkadot cryptocurrency. Fidelity also launched a physical bitcoin exchange traded product designed for sophisticated investors in Europe.

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