Circle Trade, the trading operation of Circle, has increased its minimum ticket size on Bitcoin (EXANTE: Bitcoin) trades to $500,000 from $250,000, Circle chief executive Jeremy Allaire told Business Insider.
According to Allaire, the size of block trades made by Circle Trade has grown since the beginning of the year.
That's despite a sharp decline in cryptocurrency trading volumes across retail exchanges. Per data from CoinMarketCap, 24-hour trading volumes are down to about $20 billion a day from all-time highs near $70 billion at the beginning of the year.
But "the market is robust" for Circle.
"The minimum ticket size has moved up to $500,000 with an average of $1 million," Allaire said. Some transactions, according to Allaire, are larger than $100 million. "That watermark will continue to rise," Allaire said.
By Jade Olafson