CCData: Trading volumes on centralized crypto exchanges fell by 22% in a month

What’s new? CCData analysts have recorded declining trading volume in the spot and derivatives markets on centralized crypto exchanges (CEXs) for the third consecutive month. According to the latest report, the figure fell by 21,8% in July. It stood at $4,2 trillion, down by 53% from the record $9 trillion reached in March this year.

CCData report

What else is known? The report notes that the decline was exacerbated by concerns about selling pressure from Mt.Gox bitcoin exchange customers and the German government.

On July 5, for example, Mt.Gox began returning 142 000 Bitcoins and 143 000 Bitcoin Cash to customers a total of $9,3 billion at the current exchange rate, ten years after its bankruptcy. The payments were announced to begin in June.

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Later, the exchange’s claims portal went down for maintenance

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In turn, the German government has sold about 50 000 Bitcoins confiscated as part of criminal investigations since June, generating $2,9 billion in proceeds. On July 17, authorities announced the completion of the sales, clarifying that the BTC price and market conditions did not matter, the goal was to make the sale “as quickly as possible.”

CCData also noted a 9,7% decline in open interest on derivatives crypto exchanges, caused by a series of liquidations amid a sharp market decline in June.

The analysts also recorded a change in the market structure. Thus, Dubai-based Bybit increased its market share to 8%, demonstrating the best growth rate. Singapore’s Bitget followed it with a market share of 3,5%.

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Binance, the world’s largest crypto exchange, saw its share fall from 40,4% to 31,2% over the year.

Futures trading volume on the Chicago Mercantile Exchange (CME), the world’s largest institutional derivatives exchange, fell by 11,5% to $103 billion in June, mainly due to a significant decline in BTC and ETH futures contracts, down by 11,5% and 15,8%, respectively.

ETH options trading volume fell by 58% to $408 million in June. CCData explains that the decline followed a rush of demand in May when the US Securities and Exchange Commission (SEC) partially approved Ethereum-based spot exchange-traded funds (ETFs) and the market expected trading in these products to begin soon.

At the moment, spot ETH ETFs are still not approved, but experts, citing progress in reviewing applications, expect a July 23 launch.