In the wake of the FTX collapse, formerly the second-largest exchange in the world, its competitors are taking over its trading volume and market share. The nascent sector is still suffering the consequences of recent events; many crypto companies filed for bankruptcy or are in the process of raising emergency liquidity. Related Reading: FTX Contagion Creates Fear Among Whales And Old Hands, On-Chain-Data Reveals The FTX’s fallout is taking its toll on the crypto market. Bitcoin, Ethereum, and other more prominent cryptocurrencies are trading in losses. No digital assets escaped the bloodbath recorded by the sector in the previous week. The FTX Demise Creates New Winners In The Crypto Industry? According to a report from analytics firm Messari, crypto trading venues saw a significant decline in aggregate interest following FTX’s bankruptcy. The trading venue represented about 25% of the crypto market’s global Open Interest. As seen in the chart below, the dynamics in the crypto market changed amid the FTX crisis. This platform’s Open Interest has migrated to its competitors. Binance was the most si ..
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