Swiss Exchange Announces Huge Turnover

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The Swiss crypto exchange SIX announced its June 2022 trading metrics on Friday. SIX saw a drop in its trading turnover as it fell to CHF 97.8 billion. That amounted to 10.7% less than what it made in May.

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The number of trades on the platform was 4,919,123. It is a 10.6% drop in comparison with activities in May. The exchange said that the highest daily turnover was on the 17th of June.

For the first half of 2022, the exchange said it saw some marginal increase. The platform testified to seeing a 1.6% increase against the same time in 2021.

In its publication, the platform highlighted some of its strides and ebbs. It said its total turnover trade in the first half of 2022 reached CHF 705.6 billion. It amounted to more than 1.6% of what it did in 2021 first half.

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The publication singled out the 17th of June as the highest single day of turnover. That day saw trading to the tune of CHF 9.9 billion. Whereas the highest trading day was on the 16th with 325,208.

The stock responsible for the highest turnover was NESTLE N bringing in CHF 9.7 billion. It was equally the most traded stock having 284,360 deals on it.

SIX Swiss Exchange got a new trading participant on its platform in May.  Virtu ITG Europe Limited was the new participant.

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The global interest in having digital assets increased sharply in the first half. In spite of the market’s decline, crypto exchanges saw a decent increase. Their overall trading volumes in the past six months

In June, SIX crypto-asset turnovers hit up to CHF 170.5 million. Overall, there were 201 products traded over 13,562 deals. 

The highest turnover on record was by AETH which is an ETP on Ethereum. It earned CHF 22.4 million. AETH also recorded the most transactions with 2,745 deals.

Some other crypto exchanges have not been so lucky as they bare the heat. Exchanges have had cause to halt withdrawals on their platforms for the time being.

Since Terra’s ecosystem collapsed, funds have been unceremoniously pulled out of other exchanges. The macro economic issues associated with the woes in the crypto market are still active.

Issues like the Ukrainian war is causing energy costs to rise unbearably. Reduced industrial activities in China as a result of COVID should not also be overlooked.   

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