Crypto trading volume halved at Swiss Exchange

Switzerland’s principal exchange has experienced a sharp decline in trading activities for July 2022, according to its latest report. The broader digital-asset market remaining bearish and the recent selloffs have also contributed to the disappointing crypto figures, the report suggested.

The Swiss Stock Exchange saw bleak trading results with volumes aggregating to CHF 77.2 billion, the weakest print so far this year in terms of both trading turnover and number of transactions.

As volatility dropped to levels below the extraordinary peaks of the previous year, trading activity on SIX Swiss Exchange also stabilized in the Q2 2022.

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 $81 billion, at today’s rates, in July. This figure was down 21 percent from CHF 97.8 billion in June 2022.

In terms of the total number of transactions, the volumes were numbered at 4.12 million, also a loss of 16 percent month-on-month compared to 4.9 million transactions reported for June 2022.

SIX remains a popular destination for crypto listings

Taking a year-to-date perspective, trading turnover on SIX Swiss Exchange reached a total of CHF 705.6 billion in the first half of the year 2022. This figure was 1.6% more than in the corresponding period in 2021, while the number of transactions increased by 2.2% to a total of 34,404,608.

The highest turnover on a single trading day was recorded on 29 July, which saw securities worth a total volume of CHF 5.1 billion changing hands. The highest number of trades was recorded on 6 July, with 225,821.

The Zurich-based market operator also said that cryptocurrency products hit a trading turnover of CHF 100.9 million ($105 million), down from CHF 170.5 million the previous month. In total, 186 products were traded and 8,286 transactions concluded. The highest turnover was recorded by AETH, an ETP on Ethereum, with CHF 14.8 million; the most transactions were recorded also by AETH, with 1,560 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.