As a researcher with extensive experience in the cryptocurrency market, I have closely followed the developments of various exchanges and their performance indicators. The recent achievement by Justin Sun’s HTX Global exchange in ranking second globally in spot trading volume is truly noteworthy.
Justin Sun’ HTX Exchange hit a major milestone after as it ranked second globally in spot trading.
HTX Outranks Coinbase Again
Based on information from CoinGecko, HTX Global, previously known as Huobi, appeared in the ranking of the top crypto exchanges sorted by trust score.
Among the list’s 219 cryptocurrency exchanges are Binance, OKX, KuCoin, Coinbase, Kraken, Bitget, Bitfinex, Upbit, and others. HTX holds the second position with a perfect trust score of 10 out of 10 and a substantial trading volume of approximately $2.7 billion within the past 24 hours.
The Tron Network founder Sun acknowledged this as the first time the exchange will hit such a rank.
HTX trailing behind, Binance led the way with over $13.1 billion in daily trading volume. Among the other top-tier exchanges, following in order, were OKX, Coinbase, Kraken, and Kucoin, all boasting a trust score of 10/10. The remaining exchanges on the list displayed varying degrees of trustworthiness, with scores ranging from 9/10 to 1/10.
HTX @HTX_Global has moved up to the second position for global spot trading rankings for the very first time. Our journey of dedication and hard work continues!
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 24, 2024
As a crypto investor, I’ve been thrilled to witness one of many successful runs from HTX this year. Back in May, I took notice of HTX Global’s extraordinary surge in daily spot trading volume. While Coinbase reported an impressive $1.5 billion in trading volume, HTX outperformed it significantly by recording a staggering $2.05 billion in 24 hours.
For the first time, the Justin Sun-headed exchange surpassed Coinbase’s performance in the latest ranking of top crypto exchanges based on trust score. This is the second instance where this achievement has been recorded.
First Trading Day For Spot Ethereum ETFs
The HTX ranking’s recent shift aligns with the crypto sector’s pivotal moment, marked by the debut of Ethereum ETFs. Following the SEC’s approval of Ethereum ETFs for trading, they promptly entered the market.
On the inaugural trading day, Ethereum spot ETFs experienced significant trading volume exceeding $1 billion and recorded net inflows amounting to $107 million. Among these, BlackRock’s ETF attracted a substantial investment of $265 million, whereas the Grayscale Ethereum Trust (ETHE) had minimal positive influence. This outcome is not unexpected given the past performance of the Grayscale Bitcoin Trust (GBTC) following its launch in January.
Over $200 million flowed into the Bitwise Ethereum ETF (ETHW) recently, while Fidelity Ethereum ETF (FETH) attracted approximately $70 million in total investments. Invesco, 21Shares, VanEck, and Franklin witnessed inflows ranging from $5 to $15 million each.
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2024-07-24 18:30