Specifically, last week’s Ethereum spot trading volume reached a massive $25.7 billion, outperforming Bitcoin’s $24.4 billion. This notable shift has pushed the ETH/BTC spot volume ratio above 1, indicating a growing investor preference for Ethereum and altcoins.

Ethereum’s price ratio against Bitcoin has also seen a notable rise, jumping from 0.018 to 0.031, its highest point since January. Analysts attribute this to Ethereum’s recovery after hitting significantly undervalued levels earlier this year.

Data from US ETFs also suggests a shift in capital allocation, with more investments flowing towards Ethereum relative to Bitcoin. The ETH/BTC ETF holding ratio has doubled from 0.05 to 0.12. Moreover, Ethereum seems to be experiencing less selling pressure compared to Bitcoin, as indicated by lower exchange inflows. This suggests that Ethereum’s outperformance may continue.

The report also highlights a surge in altcoin spot trading volume, which reached its highest level since March, pointing towards a capital rotation. The spot trading volume for altcoins totaled $67 billion on July 17, reflecting renewed trader interest in these coins.

Despite a recent dip in Ethereum prices, many analysts predict a continued uphill trajectory due to sustained institutional and corporate buying pressure. Some even foresee a sharp ascent to $8,000 in the coming months.

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DEXs witnessed a cumulative monthly trade volume of $410.2 billion in May, with PancakeSwap spearheading the surge with a colossal $171.6 billion. Other significant contributors include Aerodrome and PumpSwap, both with nearly $15 billion in monthly volumes. This performance comes hot on the heels of the previous record set in January, where DEXs made up 20% of the spot crypto trade volume.

Simon Kim, CEO and partner at crypto venture capital firm Hashed, believes this shift goes beyond a mere change in market shares. He suggests it signifies a significant transition from centralized to decentralized, and from trust-based to code-based trading systems. Kim adds that DEXs have become the “nerve center” of blockchain financial ecosystems, attributing their success to composability, permissionless innovation, and cross-chain interoperability.

Several factors have contributed to the recent surge in DEX trade volume. The explosion of on-chain trading of memecoins last year, improvements in crypto wallet user-friendliness, and a waning trust in centralized platforms have all played a part. Kim also made a bold prediction that DEXs will surpass CEXs in trade volume by 2028 and dominate by 2030.

“DEXs are expanding Satoshi Nakamoto’s vision of P2P electronic cash systems into complete financial ecosystems,” Kim said. “While CEXs still resemble traditional finance, DEXs truly embody the ethos of blockchain.”

Disclaimer: The Block is an independent news outlet offering news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block maintains its independence to provide objective, impactful, and timely crypto industry information. Here are our current financial disclosures.

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In our ongoing effort to provide the best trading experience, Binance is making essential changes to our trading pairs.

Upcoming Trading Pair Additions:

On September 22nd, 2023, at 08:00 (UTC), brace yourselves as Binance inaugurates trading for the following spot trading pairs:

• ARK/USDT
• CREAM/USDT
• FTT/USDT
• GFT/USDT
• IQ/USDT
• USDT/VAI

Scheduled Removal of Trading Pairs:

Be informed that on September 29th, 2023, at 03:00 (UTC), Binance will discontinue the following spot trading pairs:

• ARK/BUSD
• CREAM/BUSD
• FTT/BUSD
• GFT/BUSD
• IQ/BUSD
• BUSD/VAI

Key Points to Remember:

• A trading pair’s removal doesn’t impact the token’s presence on Binance Spot. Traders can still engage with the base and quote assets via other available trading pairs on Binance.
• By September 29th, 03:00 (UTC), Spot Trading Bots services for the delisting pairs will end. To steer clear of potential losses, ensure to modify or terminate your Spot Trading Bots accordingly.
• We recommend converting your BUSD assets on Binance before February 2024. Avail the option to exchange your BUSD for FDUSD at zero trading charges, or shift your BUSD to FDUSD on a 1:1 ratio via our conversion portal.

The post Binance Announces Trading Pair Updates for 2023 appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Key Takeaways

• Periodic Binance Reviews: Binance consistently evaluates the performance of its spot trading pairs to ensure an optimal trading experience.
• Upcoming Delisting Schedule: Several spot trading pairs will be delisted on different schedules, ranging from 2023-09-22 03:00 UTC to 2023-09-22 07:00 UTC.
• Spot Trading Bots Affected: Binance will also be terminating Spot Trading Bots services for these trading pairs. Users are advised to make necessary adjustments.
• BUSD Conversion: Users have the option to trade their BUSD balances for FDUSD at zero trading fees or convert at a 1:1 ratio using a special portal.

Criteria for Delisting

The quality of the trading market is crucial to Binance, which is why they conduct thorough reviews to determine the pairs that fall short of the platform’s high standards. Key factors such as poor liquidity and insufficient trading volume have been cited as grounds for delisting.

What to Do Next

If you hold any of the assets in the soon-to-be delisted trading pairs, don’t worry. These tokens will still be available for trade in other trading pairs on the Binance platform. Furthermore, Binance recommends updating or cancelling Spot Trading Bots to prevent potential losses due to these changes.

Final Remarks

In summary, these adjustments are part of Binance’s commitment to offering a secure and high-quality trading experience. Make sure to adjust your trading strategies accordingly to adapt to these changes.

The post Important Binance Update: Removal of Select Trading Pairs to Maintain Market Quality appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.