According to a recent report from CryptoCompare, cryptocurrency trading volume on top exchanges took a beating in June. The report showed that crypto trading volume for June averaged 42% lower than in May.
According to the cryptocurrency analytics platform, this slump in trading volume was due to several factors.
The report revealed that a maximum trading volume of $138 billion got recorded on June 22. This number was 42.3% lower than the intra-month high in May. The numbers were collected from top crypto exchanges and calculated from spot volumes. The report noted that continuous plummeting prices of cryptocurrencies and low volatility in the market were responsible for the trading volume drought.
Meanwhile, futures open interest also plummeted significantly in June. Month on Month (MoM), the Open Interest came in down by 40.9%, a whopping $16.4 billion decline in a month. Last month’s Open Interest number is the lowest so far in 2021.
Also, total derivatives volumes dropped by 40.7% last month. Derivatives volume is down to $3.2 trillion from $5.4 trillion in May.
Both Bitcoin (BTC) and Ethereum (ETH) Open Interest suffered significant declines, falling by 31.8% and 29.3%, respectively. The two largest cryptocurrencies have remained in a two-month-long battle to regain bullish traction towards their previous prices. At press time, BTC and ETH are down by over 50% from their all-time highs.
Cryptocurrency Exchanges Record Worst Trading Numbers in 2021
Binance, a Grade A cryptocurrency exchange, recorded a massive trading volume decrease of $668 billion just last month. This drop is a 56% decline from May’s figure.
Huobi Global, another Grade A crypto exchange, recorded a 40.2% decline in trading volume in June. Trading volume on Huobi fell by over $162 billion from that of May.
Additionally, OKEx, a Grade BB crypto exchange, also suffered massive declines in trading volume. The crypto exchange recorded a drop of $141 billion, -41.6%, in its monthly trading volume.
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