According to Econalitica, an economic consulting firm, Binance P2P volumes reached nearly 1.38 billion USDT between June 11 and July 13, a daily average of 44 million USDT. These numbers represent 75% of the national oil exports’ monthly volumes, underscoring the relevance of crypto markets.
Key Takeaways
Venezuelan Binance P2P volumes hit $1.4B in a month, proving crypto is a primary currency exchange channel.This massive USDT volume equaled 88% of central bank forex sales, exposing traditional market limitations.Easing US sanctions will boost traditional forex sales, expected to lower future Binance trading volumes.Alejandro Grisanti, Director and Founding Partner at Ecoanalitica, an economic consulting firm, announced that they had developed a new methodology to estimate the true size of Binance’s national peer-to-peer (P2P) market, stressing that the findings were remarkable.
The volumes are relevant, as they represent 88% of all foreign currency sales executed by the central bank in June and 75% of the country’s monthly total oil exports.
Grisanti highlighted that this is expected to change in the coming months, as the increase in dollar volumes offered by the central bank and reduced market segmentation should empower the traditional forex market again.
“If the exchange ‘normalization’ process that we have been observing continues, we expect that the volume traded on Binance will gradually decrease, not because the demand for currencies falls, but because a greater part of these operations can be carried out through traditional banking,” he concluded.
