Crypto Trading Volumes Nosedive In June, Down 42%

Picture of different crypto coins laying on top each other

Crypto trading numbers from top exchanges show that the volume traded in June was down 42% from volumes in May. The report from CryptoCompare shows that the slump was due to a number of factors. Some of these factors include the low price of bitcoin. The digital asset hit the $28,000 region in June. Combined with the continuously falling volatility, total trading numbers saw a large drop.

The report noted that a maximum volume of $138.23 billion had been traded on the 22nd of June. This was down 42.3% from the intra-month high in May.

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The numbers which were calculated from spot volumes across the exchanges showed a 42.7% decrease. These drops are due to the continuously decreasing price of cryptos and low volatility in the market.

Futures Open Interest Down 40%

Month over month, the futures open interest has been down 40.9%. This translates to a $16.4 billion decrease month over month. The lowest that the futures open interest has been since January 2021.

Total derivatives volumes were also down by 40.7% in June. Showing a tremendous slump from the previous month’s figures. Derivatives volumes are down to a staggering $3.2 trillion from $5.4 trillion the previous month.

Total crypto market cap down 50% from high in May | Source: Crypto Total Market Cap from TradingView.com

The slump continued across the board. Both Bitcoin and Ethereum futures open interest were down 31.8% and 29.3% respectively. Both digital assets have had a two-month-long battle to correct their prices. Bitcoin and Ethereum have both lost about 50% of their all-time highs. Therefore, this does not seem to be out of line as we continue to see a downtrend in the market.

Top Crypto Exchanges See Decreasing Trade Volumes

Figures from top exchanges like Binance show that trading volume has seen a massive decrease in just one month. Binance, which is a Grade A exchange, saw a decrease of $668 billion. A staggering 56% decrease from May.

Following on, Huobi Global, also a Grade A exchange, saw volumes slump 40.2% in June. About a $162 billion less traded volume than the previous month.

OKEx, a Grade BB exchange, was not left out of the bloodbath. The exchange saw its trading volumes lose $141 billion in June. Which translates to a 41.6% decrease month over month.

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Despite the growing popularity of cryptocurrencies, the volumes continue to stay down. The total crypto market cap is down 50% from its high back earlier in the year.

Crypto trading is down generally across the board. This data could mean that people are getting out of the market. Or it could mean that more people are transitioning from being traders to holding their coins and waiting for the next bull run.

Coin prices continue to remain low. Corrections are taking longer than investors are expecting. And massive FUDs continue to rock the market, creating fear and panic amongst investors.

Featured image from Crypto News, chart from TradingView.com
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