As a seasoned researcher with extensive experience in tracking crypto market trends, I’ve witnessed the rollercoaster ride that is the cryptocurrency trading scene. The decline in crypto trading activity during June was particularly noteworthy, marking a continuation of the trend that began in March. According to the CCData report, the total volume of spot and derivatives trading dropped by a substantial 21.8%, reaching a mere $4.2 trillion – a far cry from the impressive $9 trillion peak we saw earlier in the year.
In June, there was a substantial decrease in cryptocurrency trading on major exchanges, marking a continuation of the downward trend that began in March. A report by CCData revealed that the combined volume of spot and derivatives trading fell by 21.8% to hit $4.2 trillion, which is far below the record-breaking $9 trillion reached back in March.
As a crypto investor, I’ve noticed a significant decrease in trading activity lately, which was accompanied by a 9.7% reduction in open interest across crypto derivatives exchanges. This drop can be attributed to a series of liquidations that occurred due to sharp price declines in Bitcoin and other digital assets during the month of June.
Market anxieties were compounded by apprehensions over possible selling pressures from Japanese exchange Mt. Gox and the German government’s Bitcoin disposals.
Despite the overall decrease in market size, some exchanges were able to expand their shares. Bybit, for instance, grew by 4%, bringing its total market share to 8%. Similarly, BitGet experienced a 3.7% rise, reaching a 3.5% market share. In contrast, Binance, which previously held a dominant 40.4% market share in July 2023, saw a decline to 31.2% over the course of a year.
The institutional trading sector was similarly impacted by the downturn. Notably, the Chicago Mercantile Exchange (CME) disclosed a substantial drop in overall futures trading activity, with a total volume of $103 billion recorded in June – representing a 11.5% decrease compared to previous periods. In the specific area of Bitcoin and Ether futures contracts on CME, volumes declined by 11.5% and 15.8% respectively.
Despite the anticipated launch of eight spot Ethereum ETFs, trading volume for Ether options on CME saw a significant decrease of 58%, amounting to $408 million. This noticeable downturn may be attributed to a correction in the market after the surge in options positions following the SEC’s approval of spot Ethereum ETFs in May.
Read More
- XRP Price Eyes $2 Support Level Amidst Market Correction
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- OREO Unveils Six New Products for 2025
- PYTH PREDICTION. PYTH cryptocurrency
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- Russell T Davies Says He “Kind Of Hopes” The Streaming Bubble Will “Pop”
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
- Paul Atkins to Replace Gary Gensler as Next SEC Chair?
- Crypto VC funding roundup: Riot snags over $594m, BVNK raises $50m
- Google’s Willow Quantum Chip Sparks Bitcoin Security Debate
2024-07-18 07:16