Digital asset derivatives trading volumes plummeted to around four hundred billion USD in the month of June, as per a new report by Cryptocompare. The volumes have reached the lowest in 2020. The deterioration may be the outcome of a stillness in investor interest in the digital assets during the month in review.
It is to be noted that in the month of May, derivatives contracts signed by a minimum of two people to purchase or sell a virtual currency at an settled price in the future ascended to a record price of six hundred and two billion USD, conceivably driven by the flimflam that followed BTC’s 3rd halving in that month.
The majority of spot trading took place on crypto exchanges considered by Cryptocompare as unregulated, accounting for over four hundred and fifty billion USD of the volume while topmost exchanges traded around two hundred billion USD.
The report mentions that the crypto spot volumes have progressively fell throughout the month of June, now representing around half of the daily volumes seen in the prior month.
In the month of June, digital asset derivatives share of the market up surged to thirty seven percent in contrast to thirty two percent in the month of May. As per Cryptocompare, all virtual currency derivatives exchanges witnessed significant shrinkages in trading volume.
What is your point of view about the diminishing digital asset trading volumes in spot as well as derivatives bourses? Share your thoughts in the comments below!