Markets
Cryptocurrency trading volumes fall for third consecutive month: CCData
Trading volumes on centralized cryptocurrency exchanges fell nearly 20% in June, marking the third consecutive month of declines in a stagnant market.
Place trade Cryptocurrency trading continued to fall in June as prices struggled to break the bearish trend, leaving traders largely unfazed. Data from CCData reveals that total spot trading volume fell 19.3% in June to $1.3 trillion, a significant drop from the peak of nearly $3 trillion in March.
CCData Monthly Cumulative Spot Volumes, Source: CCData
Open interest in derivatives markets also fell in June by nearly 10% to $47.1 billion, largely due to a wave of liquidations triggered by a substantial drop in cryptocurrency prices. CCData reports that Coinbase saw a significant drop in open interest of more than 52% to over $18.2 million, while Binance “retained the largest position” among trading platforms with its $19.4 billion in open interest, which fell just 10%.
“This decline was exacerbated by fears of selling pressure from Mt. Gox, as the defunct exchange announced refunds to its users in July. Additionally, the German government contributed to the pressure by selling a large portion of its BTC positions.”
CC Data
Despite the negative landscape, CCData analysts point out that spot prices in the first half of 2024 have increased compared to the second half of 2023, with trading volumes recording a 148% increase, with a total volume of $10.7 trillion.
Like crypto.news reported Earlier, South Korean crypto exchanges including Upbit, Bitfinex, and KuCoin saw significant reductions in trading volumes, with drops of 45%, 38%, and 32%, respectively, as capital exited the digital asset market and investor sentiment turned bearish.
Contrary to the general decline in trade, Stable Coin Transfers have seen steady growth, indicating widespread adoption. Token Terminal data watch that stablecoin transfers have increased more than 16-fold over the past four years, reaching a record high of $1.68 trillion in the second quarter.