Derivatives Now Dominate Crypto Volume, Gaining Nearly 54% Market Share in June: Report CryptoCompare

Open interest on Bitcoin futures products dropped 31.8%, more than across ETH future's 28.3% drop, according to CryptoCompare data. As for exchanges, Binance, which had the highest OI across all derivatives products, saw the biggest 38.4% drop.


Trading volume on spot cryptocurrency exchanges dropped by 42.7% to $2.7 trillion in June from the previous month amidst lower volatility and regulatory crackdown in China, according to CryptoCompare data.

“Headwinds continued as China persisted with its crackdown on bitcoin mining.”

“As a result of both lower prices and volatility, spot volumes decreased.”

The 15 largest top-tier exchanges saw a decrease of 51.6% on average, while lower-tier spot volumes declined by 53.2%. Top-Tier dominance has almost doubled since Dec. 2019, climbing from 47% to 88.4% “as more investors look to gain exposure to crypto with the lowest amount of risk.”

While Binance remains the largest top-tier spot exchange by volume, its trading volume also plummeted a whopping 56% to $668 billion in the wake of China’s cryptocurrency leverage trading and mining ban.

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Volume on derivatives exchanges in comparison dropped 40.7% to $3.2 trillion, noted the London-based researcher.

This resulted in derivatives gaining 53.8% market share in June, compared to 49.4% in May, as derivatives volumes surpassed those of spot for the first time this year.

Just like in the spot market, Binance was also the largest derivatives exchange which had its volume down 29.7% in June from $1.73 trillion in May.

Binance was followed by OKEx, whose volume at $508 billion was down 49.1%, then Bybit’s, which saw a 37% drop in its volume to $360 billion, and with $242 billion FTX comes at 4th place, whose volume dropped the most at 53.2%.

Open interest on futures fell, for the second month in a row, across all products by 40.9% to $16.4 billion, its lowest level since January.

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OI on Bitcoin futures products dropped 31.8% to $9.7 billion, while across ETH futures, the drop was 29.3% to $4.2 billion.

In terms of exchanges, Binance, which had the highest OI across all derivatives products, saw it drop by 38.4% since May to $5.6 billion.

In second place is OKEx with $2.5 billion OI which is down 30.8%, followed by Bybit’s $2.2 billion OI, representing a 37.2% decline in June from the previous month.

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