Crypto trading volumes fall for third consecutive month: CCData

Trading volume on centralized cryptocurrency exchanges fell nearly 20% in June amid a sluggish market, marking the third consecutive month of declines.

Spot trading on cryptocurrency exchanges continued to decline in June, as prices struggled to break the downtrend and largely failed to impress traders. Data from CCData reveals that total spot trading volume fell 19.3% in June to $1.3 trillion, down significantly from a peak of nearly $3 trillion in March.

CCData Total Monthly Spot Volumes, source: CCData

Open interest on derivatives exchanges also fell by nearly 10% in June to $47.1 billion, largely due to a wave of liquidations triggered by a significant drop in crypto prices. CCData says Coinbase saw a significant drop in open interest of more than 52%, reaching over $18.2 million, while Binance maintained the “largest position” among trading platforms with open interest down just 10% at $19.4 billion.

“This decline was further exacerbated by fears of selling pressure from Mt. Gox, with the bankrupt exchange announcing in July that it would refund its users. Additionally, the German government added to the pressure by selling a large portion of its BTC positions.”

CCData

CCData analysts state that despite the negative picture, spot prices increased in the first half of 2024 compared to the second half of 2023, and the transaction volume increased by 148 percent, reaching a total volume of $10.7 trillion.

As Crypto.news previously reported, South Korean cryptocurrency exchanges including Upbit, Bitfinex, and KuCoin recorded significant declines in trading volumes of 45%, 38%, and 32% respectively as capital exited the digital asset market and investor sentiment turned bearish.

In contrast to the overall trading decline, stablecoin transfers have shown steady growth, indicating widespread adoption. Data from Token Terminal shows that stablecoin transfers have increased 16-fold over the past four years, reaching a record high of $1.68 trillion in Q2.