TUSD trading volume drops back to 1%, reviewing the ETF fake news: Market makers cancel orders exacerbating BTC decline

The latest report from data analytics firm Kaiko reviewed events from the past few months, highlighting that after Binance switched to supporting FDUSD, the trading volume of TUSD plummeted from 23% to 1%.

Fake News Event: Market Maker Withdrawals Exacerbate Decline

Kaiko first reviewed the blunder by Cointelegraph in reporting the approval of a Bitcoin spot ETF, causing BTC to break $30,000 for the first time since mid-August.

As the truth came out, Kaiko pointed out that in such situations, market makers would quickly withdraw their orders to avoid additional losses during extreme volatility.

The report specifically noted that compared to Binance and Bybit, Kraken recovered liquidity more rapidly during the fake news period.

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TUSD Trading Share: 23% → 1%

Due to regulatory issues halting the issuance of BUSD, Binance switched to promoting TUSD in March, causing TUSD's trading share to surge from less than 1% to 23%.

However, in July, Binance switched its support to FDUSD, reverting TUSD's market share, while FDUSD's trading share rose to 16%.

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Why Did Fork Coins of BTC Soar?

Binance CEO Changpeng Zhao CZ, in April 2019, delisted Bitcoin SV BSV due to Craig Wright's fraudulent behavior.

However, Binance announced the listing of BSV perpetual contracts on October 20, resulting in a 30% surge in BSV.

Additionally, another fork coin BCH also surged by 200% in July, but aside from BCH being listed on EDX Markets, Kaiko couldn't find any reason for the surge in BCH.

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