The last six months could have been some of the most significant in Bitcoin history. However, the continued fall in prices from historical highs has led to a decrease in investor activity, which has led to a 20% decrease in average spot trading volumes on the largest digital asset exchanges. Compared to June 2023, the result for the last month was still more than double.

Cryptocurrency spot trading volumes are declining monthly but growing annually

Spot trading volumes on the top 10 cryptocurrency exchanges fell for the third month in a row in June, falling to $812 billion from more than $1 trillion in May.

In accordance with Financial Intelligence MagnatesThe monthly decline averaged almost 20% in June 2023. Almost all of the exchanges analyzed reported a decline. OKX, for example, lost 26%, falling from third place and now out of the top ranks.

Huobi took advantage of the situation, being the only one to buck the adverse market trend and achieve a modest volume growth of 6% to $72.1 billion.

However, as in previous months, the monthly declines do not reflect the annual state. The annual volumes are still higher, up 120% from June 2023, when they were $422 billion.

The leaders of the rating grew more than three times per year, as was the case with ByBit, and even five times in the case of Huobi.

“The CEX industry has seen significant growth in 2024. Total aggregate spot volume in the first half of 2024 reached US$10.6 trillion, compared to US$4.32 trillion in the second half of 2023, an increase of 145% and demonstrating the resilience of this sub-sector compared to others within the broader industry,” CCData commented.

Binance Continues to Lead

Binance and ByBit remain the two largest exchanges by spot volume. Binance’s market share has modestly declined by 2 percentage points to 54%, while ByBit’s has grown by the same amount to 14%.

OKX, meanwhile, has dropped out of the top three and has been replaced by Huobi, which now accounts for 9% of the market share. Binance, ByBit, and Huobi now account for more than 75% of the total turnover among the top ten exchanges by spot trading volume. Binance also recently reported that it has surpassed the 200 million user mark.

The cryptocurrency market is entering what has historically been one of the worst quarters for Bitcoin returns. The oldest cryptocurrency has barely held on above its February lows, bouncing off $53,000.

Significant selling pressure on digital assets could persist throughout the summer, driven by monetary policy from major central banks and the liquidation of assets held by Mt. Gox.