etc. Let's write the content. I'll write: Swiss crypto bank's net crypto assets income fell 61.5% in the first half of 2023, to 7,484.9 thousand Swiss francs from 19,453.6 thousand a year earlier. Crypto volume dropped 62% to 1,242.5 million francs, and transactions fell 26.7% to 2.3 million. The bank didn't attribute the decline to any specific cause, but lower client trading activity is a likely factor.
Crypto income and volumes slide
The numbers are stark. Net crypto assets income came in at 7,484.9 thousand francs, down from 19,453.6 thousand in H1 2022. That's a 61.5% drop. Crypto volume fell to 1,242.5 million francs from 3,265.9 million, a 62% decline. Transactions also shrank, to 2,308,116 from 3,150,901, down 26.7%.
Overall revenue and client assets grow
Despite the crypto slump, the bank's net revenues rose 32.8% to 265,580.5 thousand francs from 200,011.8 thousand. Total client assets grew 9.9% to 56,879.7 million francs as of June 30, 2023, from 51,758.3 million a year earlier. So the bank's core business held up.
What drove the decline
The bank didn't point to a specific cause for the crypto drop. Lower client trading activity is the most likely explanation. The market was quieter in the first half of 2023, and that shows up in the numbers.
Rebound in H1 2024
By the first half of 2024, crypto metrics rebounded substantially, according to the bank's data. That suggests the 2023 slump was a cyclical dip, not a structural change.
Swiss crypto bank's net crypto assets income fell 61.5% in the first half of 2023, to 7,484.9 thousand Swiss francs from 19,453.6 thousand a year earlier. Crypto volume dropped 62% to 1,242.5 million francs, and transactions fell 26.7% to 2.3 million. The bank didn't attribute the decline to any specific cause, but lower client trading activity is a likely factor.
Crypto income and volumes slide
The numbers are stark. Net crypto assets income came in at 7,484.9 thousand francs, down from 19,453.6 thousand in H1 2022. That's a 61.5% drop. Crypto volume fell to 1,242.5 million francs from 3,265.9 million, a 62% decline. Transactions also shrank, to 2,308,116 from 3,150,901, down 26.7%.
Overall revenue and client assets grow
Despite the crypto slump, the bank's net revenues rose 32.8% to 265,580.5 thousand francs from 200,011.8 thousand. Total client assets grew 9.9% to 56,879.7 million francs as of June 30, 2023, from 51,758.3 million a year earlier. So the bank's core business held up.
What drove the decline
The bank didn't point to a specific cause for the crypto drop. Lower client trading activity is the most likely explanation. The market was quieter in the first half of 2023, and that shows up in the numbers.
Rebound in H1 2024
By the first half of 2024, crypto metrics rebounded substantially, according to the bank's data. That suggests the 2023 slump was a cyclical dip, not a structural change.
