$1.27 trillion in September, the lowest level since last June.
September saw a significant decline in centralized trading activity, with spot and derivatives volumes down 17% to a combined $4.34 trillion, according to the latest report from CCData.
The decline marks the lowest monthly volume since June and coincides with the end of the summer season, which is typically marked by low market participation. Spot and derivatives markets were hit by a decline in trader activity amid macroeconomic uncertainty, with spot volumes down 17.2% to $1.27 trillion, also the lowest since June. Similarly, derivatives volumes on centralized exchanges fell 16.9% to $3.07 trillion. However, market analysts are optimistic that the current slump will reverse in the coming months, thanks to potential catalysts such as increased market liquidity following the US Federal Reserveâs rate cuts, as well as the upcoming US presidential election, which is expected to boost trading activity.
The last quarter has traditionally been the strongest for the crypto market, recording the highest quarterly volumes in six of the past ten years.
Binance's market share continues to decline
Binance saw the biggest declines among centralized exchanges, with spot trading volume down 22.9% to $344 billion, the lowest monthly spot trading volume on the exchange since November 2023, reducing its share of the spot market to 27%, its lowest level since January 2021. Similarly, Binanceâs derivatives trading volume also fell 21% to $1.25 trillion, its lowest level since October 2023; Binance now holds 40.7% of the derivatives market, its lowest share since September 2020. Overall, Binanceâs market share for both spot and derivatives markets combined fell to 36.6%.
