June Sees $4.2 Trillion Decline in Crypto Trading Volume, Reveals CCData Report
2 min read![June Sees $4.2 Trillion Decline In Crypto Trading Volume, Reveals Ccdata Report 2 Crypto Trading Volume Drops To $4.2 Trillion In June: Ccdata Report](https://cryptoinfonet.com/wp-content/uploads/2024/07/June-Sees-42-Trillion-Decline-in-Crypto-Trading-Volume-Reveals.jpg)
Trading in cryptocurrencies on prominent marketplaces diminished markedly in June, a continuation of the progressive dip that commenced in March. The CCData research indicates that the aggregated figures for spot and derivatives trades plunged by 21.8%, landing at $4.2 trillion—considerably lower than the staggering $9 trillion zenith in March.
In parallel with the falloff in trade transactions, there was a 9.7% shrinkage in Open Interest among cryptocurrency derivatives markets. The retrenchment can be linked to a spate of liquidations incited by abrupt downturns in the valuation of Bitcoin and various other crypto assets throughout the month of June.
The industry’s concerns were heightened by the potential liquidation repercussions stemming from the Japanese trading platform Mt. Gox as well as from Bitcoin offloading activities by the German government.
Despite the recession within the marketplace, certain trading firms navigated through and enlarged their market presence. Bybit saw its market dominance rise by 4% to secure an 8% slice of the market, whereas BitGet climbed by 3.7%, laying claim to 3.5% market share. In contrast, Binance, the market titan, experienced its dominance dwindle from 40.4% in July 2023 down to 31.2% the subsequent year.
The downturn left its mark on the sphere of institutional transactions as well. The Chicago Mercantile Exchange (CME) conveyed an 11.5% contraction in its futures trade volume, which descended to $103 billion for June. CME’s Bitcoin and Ether futures dealings contracted by 11.5% and 15.8% respectively.
Yet, it was Ether options trading on CME that bore the brunt, with trade volume plummeting by 58% down to $408 million. This drastic slump occurred despite the impending inception of eight ether-based spot Exchange-Traded Funds (ETFs), and is presumed to be a correction following a build-up in options activity subsequent to the SEC giving the nod to spot Ether ETFs in May.{p>
Further Reading: SEC Gives Green Light to Two Spot Ethereum ETFs on NYSE
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