{"id":56278,"date":"2022-01-20T18:15:57","date_gmt":"2022-01-20T16:15:57","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=56278"},"modified":"2025-09-04T05:38:32","modified_gmt":"2025-09-04T02:38:32","slug":"coin-metrics-crypto-exchange-activity-shifts-from-china-to-the-united-states","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coin-metrics-crypto-exchange-activity-shifts-from-china-to-the-united-states\/","title":{"rendered":"Coin Metrics: Crypto-exchange activity shifts from China to the United States."},"content":{"rendered":"<p><a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-mining-in-2021-chinas-ban-reshaped-the-balance-of-power\">Mining ban<\/a> and<a href=\"https:\/\/forklog.com\/en\/news\/media-china-bans-support-for-cryptocurrency-related-business\"> blocking of crypto-platform operations<\/a> in China have led to a shrinking share of local bitcoin exchanges in favour of US-based competitors. Analysts at Coin Metrics have reached this conclusion.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">What can we learn about crypto activity around the world from looking at trading data?<\/p>\n<p>\ud83c\udf0e\ud83c\udf0d\ud83c\udf0f<\/p>\n<p>Let\u2019s look at two recent trends:<br \/>\ud83d\udd39Decreasing activity on China-focused exchanges<br \/>\ud83d\udd39 Increasing volume in Turkish lira-quoted Markets<\/p>\n<p>\ud83d\udc47<\/p>\n<p>\u2014 CoinMetrics.io (we\u2019re hiring!) (@coinmetrics) <a href=\"https:\/\/twitter.com\/coinmetrics\/status\/1483819338461335553?ref_src=twsrc%5Etfw\">January 19, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>At the region\u2019s largest exchange, Huobi, at the start of the year it accounted for 15% of Bitcoin spot trading volume. By year-end the figure had fallen to one third. The erosion of its position enabled FTX to widen its share from 1% to 10%, Coinbase from 9% to 14%.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"785\" height=\"525\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-608.png\" alt=\"Coin Metrics: \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c \u043d\u0430 \u043a\u0440\u0438\u043f\u0442\u043e\u0431\u0438\u0440\u0436\u0430\u0445 \u0441\u043c\u0435\u0441\u0442\u0438\u043b\u0430\u0441\u044c \u0438\u0437 \u041a\u0438\u0442\u0430\u044f \u0432 \u0421\u0428\u0410\" class=\"wp-image-162350\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/1-608.png 785w, https:\/\/forklog.com\/wp-content\/uploads\/1-608-300x201.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-608-768x514.png 768w\" sizes=\"auto, (max-width: 785px) 100vw, 785px\" \/><figcaption>Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>A similar situation unfolded in Ethereum spot trading. To a lesser extent, this affected the OKX exchange (<a href=\"https:\/\/forklog.com\/en\/news\/okex-rebrands-to-okx-to-reflect-web3-ambitions\">formerly OKEx<\/a>).<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"785\" height=\"525\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-508.png\" alt=\"Coin Metrics: \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c \u043d\u0430 \u043a\u0440\u0438\u043f\u0442\u043e\u0431\u0438\u0440\u0436\u0430\u0445 \u0441\u043c\u0435\u0441\u0442\u0438\u043b\u0430\u0441\u044c \u0438\u0437 \u041a\u0438\u0442\u0430\u044f \u0432 \u0421\u0428\u0410\" class=\"wp-image-162351\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/2-508.png 785w, https:\/\/forklog.com\/wp-content\/uploads\/2-508-300x201.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/2-508-768x514.png 768w\" sizes=\"auto, (max-width: 785px) 100vw, 785px\" \/><figcaption>Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>The decline in Chinese exchanges\u2019 metrics is also borne out by an analysis of the relative shares of BTC and ETH balances on Huobi.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"605\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/3-308-1024x605.png\" alt=\"Coin Metrics: \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c \u043d\u0430 \u043a\u0440\u0438\u043f\u0442\u043e\u0431\u0438\u0440\u0436\u0430\u0445 \u0441\u043c\u0435\u0441\u0442\u0438\u043b\u0430\u0441\u044c \u0438\u0437 \u041a\u0438\u0442\u0430\u044f \u0432 \u0421\u0428\u0410\" class=\"wp-image-162352\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/3-308-1024x605.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/3-308-300x177.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/3-308-768x454.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/3-308.png 1100w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>The shift of activity toward the North American region is evident in higher trading volumes during US market hours (9:30 to 16:00 Eastern Time).<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"785\" height=\"525\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/4-191.png\" alt=\"Coin Metrics: \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c \u043d\u0430 \u043a\u0440\u0438\u043f\u0442\u043e\u0431\u0438\u0440\u0436\u0430\u0445 \u0441\u043c\u0435\u0441\u0442\u0438\u043b\u0430\u0441\u044c \u0438\u0437 \u041a\u0438\u0442\u0430\u044f \u0432 \u0421\u0428\u0410\" class=\"wp-image-162353\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/4-191.png 785w, https:\/\/forklog.com\/wp-content\/uploads\/4-191-300x201.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/4-191-768x514.png 768w\" sizes=\"auto, (max-width: 785px) 100vw, 785px\" \/><figcaption>Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>In terms of crypto-fiat pairs, Coin Metrics detected a surge of interest from Turkish investors. Analysts attributed this to a spike in inflation in the country. In December, year-over-year inflation reached 36%.<\/p>\n<p>Against the backdrop of the Turkish lira&#8217;s devaluation, Binance&#8217;s volume of lira-denominated crypto assets in 2021 reached $160 billion. Turkish citizens&#8217; strongest demand was for stablecoins BUSD ($7 billion) and USDT ($36 billion).<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"785\" height=\"525\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/5-114.png\" alt=\"Coin Metrics: \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c \u043d\u0430 \u043a\u0440\u0438\u043f\u0442\u043e\u0431\u0438\u0440\u0436\u0430\u0445 \u0441\u043c\u0435\u0441\u0442\u0438\u043b\u0430\u0441\u044c \u0438\u0437 \u041a\u0438\u0442\u0430\u044f \u0432 \u0421\u0428\u0410\" class=\"wp-image-162354\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/5-114.png 785w, https:\/\/forklog.com\/wp-content\/uploads\/5-114-300x201.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/5-114-768x514.png 768w\" sizes=\"auto, (max-width: 785px) 100vw, 785px\" \/><figcaption>Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>The share of the local currency in Tether&#8217;s trading turnover surpassed that of the euro and the British pound.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"785\" height=\"525\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/6-85.png\" alt=\"Coin Metrics: \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c \u043d\u0430 \u043a\u0440\u0438\u043f\u0442\u043e\u0431\u0438\u0440\u0436\u0430\u0445 \u0441\u043c\u0435\u0441\u0442\u0438\u043b\u0430\u0441\u044c \u0438\u0437 \u041a\u0438\u0442\u0430\u044f \u0432 \u0421\u0428\u0410\" class=\"wp-image-162356\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/6-85.png 785w, https:\/\/forklog.com\/wp-content\/uploads\/6-85-300x201.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/6-85-768x514.png 768w\" sizes=\"auto, (max-width: 785px) 100vw, 785px\" \/><figcaption>Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>As reported in January, ForkLog noted that in the fourth quarter of 2021, amid the Turkish lira&#8217;s depreciation, daily fiat trading volumes on three major Turkish platforms <a href=\"https:\/\/forklog.com\/en\/news\/media-note-on-rise-of-bitcoin-and-tether-in-turkey-as-the-lira-falls\">jumped<\/a> to an average of $1.8 billion per day.<\/p>\n<p>In September, President Recep Tayyip Erdo\u011fan said that authorities and the Turkish central bank <a href=\"https:\/\/forklog.com\/en\/news\/erdogan-says-turkey-is-waging-a-separate-war-against-cryptocurrencies\">are waging war and fighting<\/a> against cryptocurrencies.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 all the latest news, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mining ban and banks&#8217; blocking of crypto-platform operations in China led to a reduction in the share of local bitcoin exchanges in favour of US-based competitors. Analysts at Coin Metrics reached this conclusion.<\/p>\n","protected":false},"author":1,"featured_media":56279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,1394,920],"class_list":["post-56278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-coin-metrics","tag-turkey"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=56278"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56278\/revisions"}],"predecessor-version":[{"id":56280,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56278\/revisions\/56280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/56279"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=56278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=56278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=56278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}