Genesis Q2 Report Shows Decreasing Bitcoin Dominance and Hedge Funds Diving Into DeFi
The report shows a significant rotation out of bitcoin (BTC) into ethereum (ETH) and explains how clients search for yield drove activity across Genesis throughout Q2.
- The report shows a significant rotation out of bitcoin (BTC) into ethereum (ETH) and explains how clients search for yield drove activity across Genesis throughout Q2.
- BTC trading accounted for roughly 47% of the firms overall spot trading activity, down from roughly 80% in Q2 2020.
- ETH took most of that share from BTC with ETH accounting for roughly 25% of overall volumes on the desk.
- With the outperformance of ETH over BTC in the first half of Q2, trading in UNI, SUSHI, AAVE and other Ethereum-based DeFi protocols picked up.