Trading on crypto exchanges fell for the 3rd month in June: CCData
Centralized crypto exchange volume fell by 21.8% in June, marking the third consecutive month that positions and derivatives have been declining since March.
In the year In a July 17 market report, CCData shared that the combined volume of positions and derivatives across all centralized exchanges reached $4.2 trillion in June, down 53 percent from the $9 trillion recorded at the end of March.
In addition, the report also revealed a 9.7% drop in crypto interest on crypto derivatives exchanges following a series of outflows following a sharp drop in the price of Bitcoin and other crypto assets in June.
The report says that Japanese crypto exchange Mt. Gox, as well as the multi-billion-dollar BTC sales from the German government, exacerbated the decline due to “fear of selling pressure”.
CCCData analysts looked at the landscape of centralized exchange providers between the last six months of 2023 and the first six months of this year.
Dubai-based exchange BitGet gained the largest market share, increasing from 4% to 8% of the total market share, followed by Singapore-based exchange BitGet, which grew from 3.7% to 3.5%.
Meanwhile, Binance saw a significant decline in its overall share of the crypto market, dropping from a market share of 40.4% in July 2023 to just 31.2% a year later.
Total futures trading volume on the Chicago Mercantile Exchange (CME) – the world's largest institutional derivatives exchange – showed a “prominent” decline, falling 11.5% to $103 billion in June.
Related: Centralized crypto exchange trading volume drops to $5.2T in May
Much of this decline was accounted for by major slides in futures contract volume for Bitcoin (BTC) and Ether (ETH), which fell by 11.5% and 15.8%, respectively.
Despite the launch of the eight-position Ether ETF currently scheduled for July 23, overall trading volume for ETH options was heavy on the CME.
Overall, the trading volume of ETH options fell by 58% to $408 million. The report explained that much of this decline could be attributed to the frustration of alternative positions that was triggered by the SEC's approval of the spot Ether ETF in May.
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