Trading volume on centralized exchanges declined 21.8% in June, marking the third consecutive month of diminishing activity since March.
According to a report by CCData released on July 17, the combined spot and derivatives trading volume across these platforms amounted to $4.2 trillion, down from a peak of $9 trillion recorded in March.
Open Interest and CME Declines
The report highlighted several key factors contributing to this decline. One major factor was a notable decrease in open interest in derivatives exchanges.
In June, OI on derivatives exchanges fell 9.67% to $47.11 billion. This trend persisted into July, with Coinbase experiencing a significant decline in open interest, dropping by 52.1% to $18.2 million.
The decline was attributed to a series of liquidations triggered by a drop in cryptocurrency prices throughout June and into July. Analysts identified selling pressures from various sources, including the aftermath of Mt. Gox repayments and Bitcoin sales by the German g
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