Leading full-service cryptocurrency prime broker Genesis Global Trading has seen spot trading treble in the first quarter.
Corporate interest accounted for the biggest slice of trading, with Genesis attributing part of its success to its Bitcoin treasury product “Genesis Treasury”.
The Q1 report released on April 28 revealed the firm had processed $31.5 billion in spot trading volume — a 287% increase from $8 billion in Q4 2020. It also saw $10.5 billion in derivatives trading.
Corporates accounted for $8 billion of the total spot trading volume, an increase of 25% from the previous quarter. The growth of corporate trading to account for the largest share was a significant shift from the passive funds and hedge funds that formerly dominated trading in Q4.
“Much of this surge was attributable to a mix of clients taking positions in Bitcoin for the first time, existing clients adding to their positions, and clients choosing to take a more active approach to manage their