Crypto CEX Volume Dropped 17% in June: Report

Drops in Bitcoin prices and the total cryptocurrency market cap have coincided with reduced trading activity on centralized exchanges like Binance.

Data from the WuBlockchain team revealed that cryptocurrency spot volumes on centralized exchanges (CEXs) fell 17% month-over-month (MoM) in June. Bitcoin (BTC) has fallen by about 5% over the past 30 days, while the total cryptocurrency market has fallen by hundreds of billions over the same period.

As capital exited the digital asset market and investor sentiment turned bearish, several CEXs including Upbit, Bitfinex, and KuCoin saw significant declines in trading volumes, with drops of 45%, 38%, and 32% respectively.

Binance saw a 22% drop in spot trading, trading fell by around 22%, while Coinbase experienced a 15% decline, losing its second place in the global ranking. Bybit surpassed Coinbase to second place after a small 1.6% drop in spot trading.

Interestingly, MEXC and HTX bucked the trend, with spot activity increasing by 13% and 7%, respectively. The report also highlighted that crypto derivatives trading patterns mirrored the decline in spot trading, with a 19% MoM reduction in derivatives trading volumes.

Mondays report is part of a broader trend of declining volumes since March. Data from CoinGlass indicates that historical trading volumes have been declining for four months. This year’s highest trading volumes coincided with Bitcoin’s rally to an all-time high of $73,738, underscoring Bitcoin’s role as the primary driver of the digital asset market.

Historical cryptocurrency volume | Source: CoinGlass

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