The decline in Bitcoin prices and the overall market cap of cryptocurrencies has coincided with a decline in trading activity on centralized exchanges like Binance.
Data from the WuBlockchain team revealed that spot cryptocurrency trading volumes on centralized exchanges (CEXs) fell 17% month-on-month (MoM) in June. Bitcoin (BTC) fell by about 5% in the past 30 days, while the overall crypto market fell by hundreds of billions over the same period.
As capital exits the digital asset market and investor sentiment turns bearish, several cryptocurrency exchanges, including Upbit, Bitfinex, and KuCoin, have reported significant drops in trading volumes, with declines of 45%, 38%, and 32%, respectively.
Binance saw a 22% drop in spot trading, with trading down by about 22%, while Coinbase saw a 15% drop, losing its second global ranking. Bybit overtook Coinbase to take second place after a slight 1.6% drop in spot trading.
Interestingly, MEXC and HTX exchanges bucked the trend, with spot trading activity increasing by 13% and 7% respectively. The report also highlighted that crypto derivatives trading patterns mirrored the decline in spot trading, with derivatives trading volumes down 19% month-on-month.
Monday a report This is part of a broader trend of declining trading volumes since around March. CoinGlass data suggests that historical trading volumes have been declining for four months. The highest volumes this year coincided with Bitcoin’s surge to an all-time high of $73,738, underscoring Bitcoin’s role as a key driver of the digital asset market.
