CCData’s Exchange Review June 2024 Insights 📊
The latest report from CCData sheds light on the latest trends shaping the digital asset market. CCData, a trusted source of digital asset data, provides real-time and historical data for both institutional and retail investors. With a monthly Exchange Review, CCData offers valuable insights into the digital asset industry.
The report covers critical developments in the cryptocurrency exchange market, including exchange volumes, crypto derivatives trading, fee models, and the comparison between crypto-to-crypto and fiat-to-crypto volumes. It also analyzes Bitcoin trading against various currencies and stablecoins, ranks the top crypto exchanges based on spot trading volume, and tracks historical trends for trans-fee mining and decentralized exchanges, catering to a wide range of market participants.
Key Findings from the Report 📈
Decline in Trading Volumes
The total spot and derivatives trading volume on centralized exchanges witnessed a continuous decline for the third consecutive month, dropping by 21.8% in June to $4.22 trillion. This decline is attributed to major cryptocurrencies like Bitcoin and Ethereum remaining rangebound and facing challenges throughout the month.
Changes in Exchange Market Share
- Bybit, Bitget, and Gate.io experienced growth in market share, with Bybit’s share increasing by 4.07% to 8.00%.
- Binance saw a significant decrease in market share, dropping by 9.16% from July 2023 to June 2024.
Decline in Open Interest on Derivatives Exchanges
Open interest on derivatives exchanges fell by 9.67% to $47.11 billion in June, with Coinbase registering a 52.1% decline and Binance maintaining the largest position despite a 9.93% drop.
- The drop in cryptocurrency prices in June led to liquidations.
- Fears of selling pressure due to Mt. Gox’s repayments in July.
- Germany’s sale of a significant portion of its Bitcoin holdings.
CME Volumes Decrease
The Chicago Mercantile Exchange (CME) witnessed a decline across its crypto products, with total futures trading volume down by 11.5% and decreases in Bitcoin and Ethereum futures volumes. The report attributes the drop in Ethereum options volume to the approval of spot Ethereum ETFs in May.
Insights Summarized 🔍
CCData’s Exchange Review for June 2024 offers valuable insights into the evolving landscape of the digital asset market, highlighting significant trends and developments that have shaped the industry. Keeping track of trading volumes, market share shifts, derivatives exchanges, and CME volumes provides investors, analysts, and regulators with crucial information to make informed decisions in the dynamic world of cryptocurrency.
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