Spot and derivatives crypto trading volumes have declined by over 15% since May to around US$4.2 trillion, the lowest since January 2021, Bloomberg reported citing data from CryptoCompare.
See related article: Indian crypto trading volume drops as much as 63% after new tax
- In June alone, spot trading volumes dropped by 28% to US$1.41 trillion, the lowest since December 2020, the report said.
- The trading volume of Ether futures contracts fell by more than 20% in June, with volumes in derivatives trading falling 7% to the lowest since July 2021.
- Bitcoin futures contracts’ trading volume at the Chicago Mercantile Exchange reached US$29 billion in June, the lowest traded volume since July 2021, the report said.
- The drop in trading volumes across major exchanges, including Binance, OKX, FTX, and others, comes amid a steep decline in Bitcoin and Ethereum prices. Both are down around 70% from their all-time highs.
See related article: Coinbase shares extend free fall on drop in crypto trading, loss