Total trading volume on centralized exchanges declined by 21.8% in June, marking the third consecutive month of decreasing trading activity since March, according to a report from CC Data. The combined spot and derivatives trading volumes across centralized exchanges reached $4.2 trillion in June, a significant drop from the peak of $9 trillion in March.

The report pointed to a sharp decline in open interest on derivatives exchanges as a key factor for the noticeable decrease in trading volume. In June, open interest on derivatives exchanges fell by 9.67% to $47.11 billion. This downward trend continued into July, with Coinbase, a leading centralized exchange, experiencing a substantial drop in open interest by 52.1% to $18.2 million.

The report attributed the decline in open interest to a decrease in crypto prices, driven by significant selling pressure in the market.

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