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KPIs for May 2021

  • Total volumes: $74bn (up 46% MoM)
  • Total trades: 13,069,056 (up 81% MoM)
  • Total Bitcoin equivalent traded: 1,641,088 coins
  • 19 May 2021 record high: $6.5bn traded

Total monthly Volumes
by Client Segment ($M)

Daily Traded Volumes ($M)

Monthly Volumes
by Instrument ($M)

Average Trade Size
by Instrument ($)

BTCUSD - Average Trade Size
by Client Segment ($)

ETHUSD - Average Trade Size
by Client Segment ($)

Macro crypto currency market outlook

A long overdue period of correction has kicked in following parabolic price moves to fresh record highs in the $65,000 area. At this stage, it will take a clear break back above $47,000 or below $30,000 for clearer directional insight, with anything in between classified as choppy consolidation. A push back above $47,000 will suggest an end to the correction and resumption of the longer-term uptrend, while a drop back below $30,000 will warn of deeper setbacks towards previous resistance turned support in the $20,000 area, in the form of the previous record high from 2017.

    • BTC technical levels:
    • R2 50,000 – Psychological – Strong
    • R1 46,650 – 17 May high – Strong
    • S1 30,000 – 19 May low – Strong
    • S2 27,680 – 4 January/2021 low – Strong

It was only going to be a matter of time before the euphoric, record run of 2021 was going to come to a screeching halt. And we’re finally seeing this play out in the second quarter, with most of the good news priced in, leaving room for market participants to be thinking a lot more about headwinds. Some of these headwinds include regulatory crackdowns, worry associated with the environmental impact of cryptocurrencies and risk for a capitulation trade in the US equities market.

We also think it’s important to highlight how price has a way of getting well out in front of adoption. The run in 2021 was very much in anticipation of all of the amazing things to come in the space over the coming years. But at the same time, we’re not there just yet, and the market is now taking time to pause for a breather and readjust before once again making its way back to the topside. While our overall outlook remains highly constructive, we wouldn’t rule out the possibility for some more bumpy trade this quarter, and potentially into Q3, before things start looking up again.

Daily volumes Daily
volumes

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