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In May 2024, centralized cryptocurrency exchanges (CEX) experienced a significant drop in trading volumes, exceeding 20%.
The total spot trading and derivatives volume on centralized crypto exchanges reached $5.27 trillion in May, reflecting a 20.1% decline compared to April, as reported by CCData. This indicates a second consecutive month of reduced trading activity.
Spot trading volumes fell by 21.6% last month to $1.57 trillion, while derivatives trading volumes saw a decrease of 19.4% to $3.69 trillion. Concurrently, May recorded a peak in open interest for ETH-based derivatives, rising by 50.3% to $14 billion. This increase in interest was fueled by the SEC’s approval of spot Ethereum ETFs in the United States.
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Binance continues to be the leading CEX, commanding 34.6% of the spot trading market and 45.4% of the derivatives trading market. Binance’s spot trading volume was $545 billion, while derivatives trading reached $1.68 trillion. The top three CEXs also feature OKX and Bitget.
There was a significant increase in ETH futures trading volume on the Chicago Mercantile Exchange (CME), which rose by 37.5% in May to $20.5 billion, the highest level since November 2021. A new record was also established for ETH options trading volume, hitting $931 million with a monthly increase of 115%. Meanwhile, the overall derivatives trading volume on the CME decreased by 7.42% to $115 billion.
A month prior, Hong Kong’s financial regulator approved the introduction of spot ETFs based on Bitcoin and Ethereum, but their launch did not generate a comparable market response.
Сообщение Trading Volumes at CEXs Drop for Second Consecutive Month появились сначала на CoinsPaid Media.
