According to CCData’s latest report, the cryptocurrency market in May 2024 saw a notable drop in trading volumes for both spot and derivatives trading.
The total trading volume on centralized exchanges decreased by 20.1% to $5.27 trillion, marking the second consecutive month of reduced activity.
The decrease can be attributed to the stable price of Bitcoin following the April halving. Spot trading volumes on centralized exchanges also fell, with a 21.6% decrease to $1.57 trillion. Derivatives trading also saw a decline, with a 19.4% decrease to $3.69 trillion.
However, the derivatives market’s dominance increased to its highest level since December 2023 due to the United States Securities and Exchange Commission’s unexpected approval of spot Ether exchange-traded funds.
This resulted in a record high open interest for Ether derivatives, which saw a 50.3% increase to $14.0 billion.
