Crypto spot volumes on centralized exchanges hit the lowest point since March 2019
Cryptocurrency spot trading volume on centralized exchanges (CEXs) fell 21.8% in May to $495 billion, the lowest monthly trading volume since March 2019. Derivatives trading volumes also fell 15.7% to $1.95 trillion, the lowest since December 2022 .
These numbers are according to new data from digital asset data provider CCData, formerly known as CryptoCompare. In addition, CCData is a benchmark administrator authorized by the UK Financial Conduct Authority.
According to the company, despite the decline in trading volumes for derivatives on CEXs, the segment’s market share reached an all-time high last month, growing to 79.8%. However, the combined volume of spot and derivatives trading fell 15.7% to $2.41 trillion.
CCData explained that the volume represents the second consecutive decline in monthly volumes of the combined business. The drop came as digital asset prices fluctuated within a relatively narrow range over the period.
“The popularity of meme coins traded in decentralized locations has also contributed to declining trading activity on centralized exchanges,” added CCData.
Binance is shrinking, CME is growing
CCData provided more details on the cryptocurrency trading market, noting that spot trading on Binance, the world’s largest cryptocurrency exchange by trading volume, fell 26% to $221 billion in May. In addition, Binance’s spot market share shrank to 43% for the third consecutive month.
The data analytics firm attributed Binance’s continued weakness to the zero-free trading halt stable coin USDT pairs, general weakness in the market and increased scrutiny by regulators.
Financial Magnates reported that cryptocurrency exchanges in the United States continue to face regulatory action, with Binance and Coinbase being sued this week by the federal securities regulator for allegedly illegal exchanges and offering unregistered crypto-asset securities.
Meanwhile, CCData data shows that Chicago Mercantile Exchange (CME) remained resilient despite plummeting volumes in the crypto derivatives industry. The leading derivatives exchange posted marginal growth of 0.53% in its derivatives volume, with total transactions worth $39.1 billion.
“CME’s resilience can be attributed to continued institutional interest in Bitcoin, as evidenced by a 10.5% increase in BTC futures volume to $29.5 billion,” CCData noted.
In addition, CCData shows that Uniswap, the largest decentralized crypto exchange in the world, continued to outperform all CEXs, excluding Binance, for the fourth consecutive month. This is despite the exchange’s volume falling 11.6% to $33 billion last month.
Uniswap functions as a non-custodial exchange that allows users to trade Ethereum
Blockchain based ERC-20 tokens directly with each other without any third party involvement.
British bank taps Integral; StoneX’s premier brokerage; read today’s news nuggets.
Cryptocurrency spot trading volume on centralized exchanges (CEXs) fell 21.8% in May to $495 billion, the lowest monthly trading volume since March 2019. Derivatives trading volumes also fell 15.7% to $1.95 trillion, the lowest since December 2022 .
These numbers are according to new data from digital asset data provider CCData, formerly known as CryptoCompare. In addition, CCData is a benchmark administrator authorized by the UK Financial Conduct Authority.
According to the company, despite the decline in trading volumes for derivatives on CEXs, the segment’s market share reached an all-time high last month, growing to 79.8%. However, the combined volume of spot and derivatives trading fell 15.7% to $2.41 trillion.
CCData explained that the volume represents the second consecutive decline in monthly volumes of the combined business. The drop came as digital asset prices fluctuated within a relatively narrow range over the period.
“The popularity of meme coins traded in decentralized locations has also contributed to declining trading activity on centralized exchanges,” added CCData.
Binance is shrinking, CME is growing
CCData provided more details on the cryptocurrency trading market, noting that spot trading on Binance, the world’s largest cryptocurrency exchange by trading volume, fell 26% to $221 billion in May. In addition, Binance’s spot market share shrank to 43% for the third consecutive month.
The data analytics firm attributed Binance’s continued weakness to the zero-free trading halt stable coin USDT pairs, general weakness in the market and increased scrutiny by regulators.
Financial Magnates reported that cryptocurrency exchanges in the United States continue to face regulatory action, with Binance and Coinbase being sued this week by the federal securities regulator for allegedly illegal exchanges and offering unregistered crypto-asset securities.
Meanwhile, CCData data shows that Chicago Mercantile Exchange (CME) remained resilient despite plummeting volumes in the crypto derivatives industry. The leading derivatives exchange posted marginal growth of 0.53% in its derivatives volume, with total transactions worth $39.1 billion.
“CME’s resilience can be attributed to continued institutional interest in Bitcoin, as evidenced by a 10.5% increase in BTC futures volume to $29.5 billion,” CCData noted.
In addition, CCData shows that Uniswap, the largest decentralized crypto exchange in the world, continued to outperform all CEXs, excluding Binance, for the fourth consecutive month. This is despite the exchange’s volume falling 11.6% to $33 billion last month.
Uniswap functions as a non-custodial exchange that allows users to trade Ethereum
Blockchain based ERC-20 tokens directly with each other without any third party involvement.
British bank taps Integral; StoneX’s premier brokerage; read today’s news nuggets.