Crypto CEX volume declined 17% in June: report 

The decline in Bitcoin prices and total cryptocurrency market cap coincided with reduced trading activity on centralized exchanges like Binance.

Data from the WuBlockchain team revealed that crypto spot volumes on centralized exchanges (CEXs) dropped by 17% month-on-month (MoM) in June. Bitcoin (BTC) is down about 5% in the past 30 days, while the total crypto market cap is down hundreds of billions in the same period.

As capital has left the digital asset market and investor confidence has declined, some centralized exchanges such as Upbit, Bitfinex, and KuCoin have seen significant declines in trading volumes by 45%, 38%, and 32%, respectively.

Binance saw a 22% drop in spot trading, with trading down nearly 22%, while Coinbase saw a 15% drop, losing its second-place global ranking. Bybit overtook Coinbase to take second place after a small 1.6% drop in spot trading.

Interestingly, MEXC and HTX bucked the trend, with spot activity up 13% and 7% respectively. The report also highlighted that crypto derivatives trading patterns reflected the decline in spot trading, with a 19% monthly decline in derivatives trading volumes.

Monday’s report is part of a broader trend of declining volumes since March. CoinGlass data shows historical trading volumes have been declining for four months. The highest trading volumes this year coincided with Bitcoin reaching an all-time high of $73,738, underscoring Bitcoin’s role as a primary driver of the digital asset market.

Historical cryptocurrency volume | Source: CoinGlass