CCData: Cryptocurrency trading volume fell by 44% in a month

Analysts noted that investors are losing interest in derivatives

09.05.2024 - 14:50

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3 min

What’s new? Analysts at CCData, an aggregator of data on the crypto market, recorded the first decline in trading volume in seven months at the end of April. The combined volume in the spot and derivatives markets totaled $6,58 trillion, a sharp 43,8% decline from March’s record high of $9,12 trillion.

Material by CoinDesk

What else is known? It is noted that investors are losing interest in derivatives, as activity in the futures and options market fell by 47,6% to $4,57 trillion. At the same time, transaction volume in the spot market fell “relatively measured” by 32,6% to $2,01 trillion.

Analysts said the decline is a result of unexpected macroeconomic data, an escalating geopolitical crisis in the Middle East, and outflows from spot bitcoin exchange-traded funds (ETFs) in the United States.

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Also mentioned in the report is the situation with crypto exchange Binance. While Binance remains the largest exchange in terms of trading volume, its combined share of the spot and derivatives markets has fallen to 41,5%. Trading volume on Binance’s spot market fell 39,2% to $679 billion in April, the first decline since September 2023.

CCData noted that the decline in Binance’s market share coincided with the news that its founder and former CEO Changpeng Zhao received a four-month prison sentence in the US for violating anti-money laundering regulations.

Meanwhile, Binance’s spot market share has grown from 30,8% to 33,8% since Zhao stepped down after pleading guilty in November and was replaced by Richard Teng, formerly head of the exchange’s Singapore business.

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Earlier, CryptoQuant reported that Korea’s Upbit has captured more than 80% of the local market and has become one of the world’s top five crypto exchanges in terms of trading volume. While Kaiko experts estimated that Bybit’s share of the BTC exchange market has grown by 7,3% since the beginning of the year.

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