The June 2024 edition of CCData’s Exchange Review report reveals several significant trends in the digital asset market.
CCData, an FCA-authorized benchmark administrator, is a global leader in digital asset data, offering high-quality real-time and historical data for institutional and retail investors. Known for its expertise and objective insights into the digital asset industry, CCData publishes the Exchange Review monthly.
This report captures key developments in the cryptocurrency exchange market, including analyses of exchange volumes, crypto derivatives trading, market segmentation by fee models, and crypto-to-crypto versus fiat-to-crypto volumes. It also examines Bitcoin trading against various fiats and stablecoins, ranks top crypto exchanges by spot trading volume, and tracks historical volume trends for top trans-fee mining and decentralized exchanges. The review caters to crypto enthusiasts, investors, analysts, and regulators seeking comprehensive and specific market analyses.
Decline in Trading Volumes
The combined spot and derivatives trading volume on centralized exchanges continued to decline for the third consecutive month. June saw a 21.8% drop, bringing the total volume to $4.22 trillion. This decline follows the all-time high of $9.05 trillion recorded in March 2024. The report attributes this decrease to major crypto assets, including Bitcoin and Ethereum, remaining largely rangebound and experiencing significant drawbacks in June.
Shifts in Exchange Market Share
Comparing the second half of 2023 to the first half of 2024, the report highlights notable changes in market share among leading centralized exchanges:
- Bybit, Bitget, and Gate.io saw increases in their market share. Bybit’s share grew by 4.07% to reach 8.00%.
- Binance experienced a significant decline, with its market share falling by 9.16%, from 40.4% in July 2023 to 31.2% in June 2024.
Decline in Open Interest on Derivatives Exchanges
Open interest on derivatives exchanges fell by 9.67% to $47.11 billion in June. Specific changes include:
- Coinbase saw a 52.1% decline in open interest, ending at $18.2 million.
- Binance maintained the largest position among centralized exchanges with $19.4 billion in open interest, though this represented a 9.93% drop.
The report cites several factors contributing to this decline:
- A significant drop in cryptocurrency prices in June led to liquidations.
- Fears of selling pressure from Mt. Gox’s announced repayments to users in July.
- The German government’s sale of a major portion of its Bitcoin holdings.
CME Volumes Decrease
The Chicago Mercantile Exchange (CME) experienced declines across its crypto products:
- Total futures trading volume fell by 11.5% to $103 billion.
- Bitcoin futures volumes decreased by 11.5% to $85.2 billion.
- Ethereum futures volumes dropped by 15.8% to $18.2 billion.
- Bitcoin options trading volume reduced by 28.2% to $1.50 billion.
- Ethereum options trading volume declined by 58.0% to $408 million.
The report notes that the decrease in Ethereum options volume follows a major increase in May, which was driven by the approval of spot Ethereum ETFs.
Featured Image via Pixabay