Crypto trading on major exchanges saw a significant decline in June, continuing a downward trend that started in March. According to a CCData report, the total volume of spot and derivatives trading dropped by 21.8%, reaching $4.2 trillion—much lower than the $9 trillion peak in March.
This decline in trading activity was accompanied by a 9.7% decrease in Open Interest across crypto derivatives exchanges. This drop was attributed to a series of liquidations triggered by sharp price declines in Bitcoin and other digital assets during June.
Adding to market concerns were worries about potential selling pressure from Japanese exchange Mt. Gox and Bitcoin sales by the German government.
Nevertheless, some exchanges managed to increase their market share despite the overall market shrinkage. Bybit exchange gained 4% to reach an 8% total market share, while BitGet exchange increased by 3.7% to 3.5%. Conversely, industry leader Binance saw its market share decline from 40.4% in July 2023 to 31.2% a year later.
The downturn also affected institutional trading. The Chicago Mercantile Exchange (CME) reported an 11.5% decrease in total futures trading volume, falling to $103 billion in June. Bitcoin and Ether futures contracts on CME saw volume decreases of 11.5% and 15.8% respectively.
However, Ether options trading on CME experienced the steepest drop, with its volume dropping by 58% to $408 million. This sharp decrease occurred despite the upcoming launch of eight spot Ether ETFs and is believed to be a correction following the surge in options positions after the SEC’s approval of spot Ether ETFs in May.
Also Read: SEC Approves Two Spot Ethereum ETFs for NYSE Listing
