Trading volume on centralized crypto exchanges fell by 21.8% in June, marking the third consecutive month that combined spot and derivatives volumes have trended downward since March.
In a July 17 markets report CCData shared that the combined spot and derivatives volume across all centralized exchanges stood at $4.2 trillion in June, down 53% from the record $9 trillion in volume reached in late March.
Additionally, the report pointed to a substantial 9.7% decline in Open Interest across crypto derivatives exchanges, following a series of liquidations triggered by a sharp dip in the price of Bitcoin and other crypto assets in June.
The report noted the decline was exacerbated by “fears of selling pressure” from collapsed Japanese crypto exchange Mt. Gox as well as multibillion-dollar BTC sales from the German government.
CCData analysts also noted the shifting landscape of centralized exchange providers between the last six months of 2023 and the first six months of this year.
Dubai-based exchange Bybit gained the largest market share, notching a 4% increase to 8% total market share followed by Singapore-based exchange BitGet which saw a 3.7% increase to 3.5%.
Meanwhile, Binance saw a substantial decline in its total share of the crypto market, falling from a 40.4% market share in July 2023 to just 31.2% a year later.
The total futures trading volume on the Chicago Mercantile Exchange (CME) — the world’s largest institutional derivatives exchange — alswitnessed a “notable” decline, dropping 11.5% to $103 billion in June.
Related: Centralized crypto exchange trading volume falls to $5.2T in May
Much of this decline was accounted for by major slides in futures contract volume for Bitcoin (BTC) and Ether (ETH) which decreased by 11.5% and 15.8% respectively.
The total trading volume for ETH options was hardest hit on CME, despite the launch of eight spot Ether ETFs currently scheduled for July 23.
Overall, ETH options trading volume fell 58% to $408 million. The report explained that much of this decline could be attributed to the frenzy for options positions spurred on by the SEC’s approval of spot Ether ETFs in May.
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