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06/06/24
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Crypto Trading Volume on Centralized Exchanges Declined Again Last Month
CCData’s latest report showed a remarkable fall in crypto derivatives and spot trading volumes last month. Centralized exchanges’ (CEX) aggregate trading volume declined by 20.1 percent to $5.27T during the month, representing a second straight month of such a decline.
The consecutive decline has been attributed to the BTC price trading within a range after the halving event two months ago. CEXs recorded a 21.6 percent decline in spot trading volume to $1.57T, while the derivatives market volume fell by 19.4 percent to $3.69T.
However, the decline did not stop the market dominance of the derivatives market from hitting its highest level in about sixteen months, as traders were influenced by the U.S. SEC Securities and Exchange Commission’s approval of spot ETH ETFs.
This prompted a 50.3 percent increase to $14bn in ETH derivative instruments’ open interest, representing a record high. Last month, Bybit’s spot market share hit a lifetime high of 7.36 percent but spot trading volume on the cryptocurrency exchange’s platform declined by 12.7 percent to $116bn.
Binance remained the largest spot exchange with a market share of 34.6 percent, despite trading volumes declining by 19.8 percent to $545bn. Binance recorded an increase in dominance to 45.4 percent in the derivatives market, with a trading volume of $1.68T. OKX’s and Bitget’s market share in the derivatives market was 21.3 percent and 14.5 percent, respectively.
There was a 7.42 percent decline to $115bn in the overall derivatives trading volume, while ETH futures volumes increased by 37.5 percent to $20.5bn, representing the highest since Nov. 2021.
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