Trading Volume on CEXs Declines Three Months Straight

The combined volume of spot and derivatives trading on centralized cryptocurrency exchanges (CEX) in June 2024 was $4.2 trillion, down 21.8%. In total, trader activity declined for the third consecutive month.

According to CCData’s latest report, total trading volume on the 15 largest CEXs fell 21.8% in June this year. This marks the third consecutive month in which showed a decline in the total spot and derivatives trading volume.

The report states that the total spot and derivative trading volume on CEXs in June 2024 was $4.2 trillion, down 53% from the record high of $9 trillion reached at the end of March this year.

In addition, the report noted a 9.7% decline in open positions on derivatives exchanges, which analysts attributed to a series of liquidations caused by a sharp drop in Bitcoin and altcoin quotes amid asset moves by bankrupt Japanese crypto exchange Mt.Gox.

Analysts also said that in H1 2024, Dubai-based crypto exchange Bybit managed to increase its market share by 4 percentage points to 8%, while Singapore-based exchange Bitget rose its market share to 3.5%. Market leader Binance’s market share fell to 31.2%.

The report indicated that total futures trading volume on the Chicago Mercantile Exchange (CME), the world’s largest institutional derivatives exchange, totaled $103 billion in June 2024, down 11.5%. Analysts attributed the drop in the figures to a decline in the volume of BTC and ETH futures contracts, which fell by 11.5% and 15.8%, respectively, during the period. However, the trading volume in ETH options fell the most on the CME last month, dropping 58% to $408 million, as investors expect the imminent release of spot Ethereum ETFs.

Trading volume on CEXs was declining amid the rising popularity of DEXs. However, in December 2024, spot trading volume on centralized crypto exchanges rose above $1.1 trillion and reached $2.9 trillion in March and continued to grow.

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