Best crypto insights delivered straight to your inbox.
- Crypto trading volumes on centralized exchanges have dropped 21.8% since March, with June hitting $4.22 trillion.
- Open interest on derivatives exchanges also fell, with declines seen on Coinbase and Binance.
- Market shares are changing, with Bybit and Bitget gaining ground while Binance’s share has dropped big time.
Crypto trading volumes on centralized exchanges are plummeting. June saw a big drop in both spot and derivatives trading volumes, per a report from CCData.
This decline has been steady since March 2024, when digital asset volumes hit an all-time high of $9.05 trillion. By June, the volume fell by 21.8% to $4.22 trillion.
Bitcoin and Ethereum stayed mostly stagnant, dragging the overall trading volume down with them. June was the third consecutive month of declining trading volumes on centralized exchanges.
The combined spot and derivatives trading volume fell by 21.8%, reaching $4.22 trillion. Open interest on derivatives exchanges also saw a decrease in June.
It dropped by 9.67% to $47.11 billion, following a wave of liquidations. This has continued into July. Coinbase had a dramatic drop in its open interest, plummeting by 52.1% to $18.2 million.
Binance, though maintaining the largest position among centralized exchanges, still saw its open interest decrease by 9.93% to $19.4 billion.
CME’s institutional volumes didn’t escape this decline either. After a strong performance in May, June’s total futures trading volume on CME fell by 11.5% to $103 billion.
BTC options trading volume dropped by 28.2% to $1.50 billion, and ETH options trading volume faced an even steeper decline of 58.0%, falling to $408 million.
The approval of spot Ethereum ETFs in May spurred a huge trading activity, which cooled off in June. The exchange market share is also changing.
Compared to December, Bybit, Bitget, and HTX saw the largest increases in market share, rising by 2.01%, 1.74%, and 1.43%, respectively.
From the second half of 2023 to the first half of 2024, Bybit, Bitget, and Gate.io showed the biggest gains, increasing their market share by 4.07%, 3.47%, and 2.71%, respectively.
On the other side, Binance’s market share dropped from 40.4% in July 2023 to 31.2% in June 2024, a decrease of 9.16%. But average funding rates across the four analyzed exchanges stabilized slightly, recovering from the previous month’s negative rates.
A negative funding rate is typically a bearish signal, where short position holders pay long position holders. However, as Bitcoin recovered and got back above $60,000, the bulls came back.
If you're reading this, you’re already ahead. Stay there with our newsletter.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
CRASH COURSE
- Which cryptocurrencies can make you money
- How to boost your security with a wallet (and which ones are actually worth using)
- Little-known investment strategies that the pros use
- How to get started investing in crypto (which exchanges to use, the best crypto to buy etc)