Crypto volumes hit $321 million at Swiss bourse in February

Switzerland’s principal exchange saw weak trading results in the month of February 2022, with volumes aggregating to CHF 117.4 billion, the weakest print so far this year in terms of both trading turnover and number of transactions.

As volatility dropped to levels below the extraordinary peaks of the previous year, trading activity on SIX Swiss Exchange also stabilized in 2022.

The statistical report shows that trading turnover at the exchange’s venues, including on SIX Structured Products Exchange Ltd, had a combined nominal value of roughly $127 billion, at today’s rates, in February. This figure was down 4 percent from CHF 122.1 billion ($133 billion) in January 2022. Across a yearly interval, the figure was also lower by 9 percent from CHF 128.4 billion in February 2021.

In terms of the total number of transactions, the volumes were numbered at 5.76 million, also a loss of 2.6 percent month-on-month compared to 5.82 million transactions reported for January 2022. Moreover, the exchange’s volume was lower by 20 percent relative to 7.21 million in the same month of last year.

The highest turnover on a single trading day was recorded on 24 February, which saw securities worth a total volume of CHF 8.2 billion changing hands. The highest number of trades was also recorded on the same day, with 458,904 transactions.

SIX remains a poplar destination for crypto listings

The Swiss key bourse noted in the press release that its year-to-date volumes, through end of February 2022, were lower by 10 percent versus the same period in the previous year, coming in at 11.5 million trades. This effect was less apparent in trading turnover which was virtually unchanged over the same period and totalled CHF 239.7 billion as of last month.

The Zurich-based market operator also said that cryptocurrency products hit a trading turnover of CHF 296.4 million ($321 million). In total, 175 products were traded, and 17,735 transactions concluded. The highest turnover and the most transactions were recorded by AETH, an ETP on Ethereum, with CHF 54.4 million and 2,042 trades.

In February, the infrastructure of SIX once again proved popular and reliable, providing the solid bedrock for new crypto listings. Part of this expansion, Europe’s largest digital asset investment firm, CoinShares rolled out a physically-backed exchange-traded product (ETP) for the polkadot cryptocurrency. Fidelity also launched a physical bitcoin exchange traded product designed for sophisticated investors in Europe.