SIX Swiss reports double-digit decline in crypto volumes

Switzerland’s principal exchange has experienced a fat change in trading activities for August 2022, according to its latest report. The broader digital-asset market remaining bearish and the recent selloffs have also contributed to the disappointing crypto figures, the report suggested.

The Swiss Stock Exchange saw bleak trading results with volumes aggregating to CHF 78.3 billion, up 1.3 percent from CHF 77.2 billion the previous month, which 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 the H2 2022. However, like its peers, the bourse was not immune to surging interest rates and fears of a recession in the global economy.

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 less than $80 billion, at today’s rates, in August.

In terms of the total number of transactions, the volumes were numbered at 4.12 million, virtually unchanged month-on-month compared to transactions reported for July 2022.

SIX remains a popular destination for crypto listings

Taking a year-to-date perspective, trading turnover on SIX Swiss Exchange reached a total of CHF 861.3 billion. This figure was 0.8% less than in the corresponding period in 2021, while the number of transactions was the same with a total of 42,557,270.

The highest turnover on a single trading day was recorded on 17 August, which saw securities worth a total volume of CHF 6.4 billion changing hands. The highest number of trades was recorded on 2 August, with 241,927.

The stock that generated the highest turnover during the reporting month was NESTLE N with CHF 6.1 billion; NOVARTIS N was the most traded stock with 250,501 transactions.

The Zurich-based market operator also said that cryptocurrency products hit a trading turnover of CHF 89.9 million ($91.6 million), down 10 percent from CHF 100.9 million ($105 million) the previous month. In total, 268 products were traded and 7,437 transactions concluded. The highest turnover was recorded by AETH, an ETP on Ethereum, with CHF 21.0 million; the most transactions were recorded also by AETH, with 1,606 trades.

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.