Binance regains top spot in open interest, but what are the takeaways from January?
In its monthly report, Binance reveals that BTC spot ETFs were the biggest story in the crypto market in January, and summarizes other blockchain market insights for the month.
-Overall crypto market capitalization rose 0.4%.
-BTC spot ETFs saw net inflows of $1.4 billion... despite outflows of over $5.6 billion in gray-scale GBTC.
-Decentralized crypto derivatives exchange dYdX (DYDX) chain surpasses $20 billion in trading volume
Telegram bot-based cryptocurrency trading volume hit a record $1.7 billion in January
-Ethereum's Geth client network share dropped from 84% to 78%.
Meanwhile, BTC open interest on Binance reached $44.9 billion, surpassing the Chicago Mercantile Exchange (CME) for the first time in three months. CME's BTC open interest stands at approximately $44.7 billion.