In June, Bitcoin hit a monthly low of $28,908 and ended the month down 6.0%. Markets experienced mixed news – headwinds continued as China persisted with its crackdown on Bitcoin mining, while positive news arose as El Salvador became the first country to formally adopt Bitcoin as legal tender
As a result of both lower prices and volatility, spot volumes decreased by an immense 42.7%, while total derivative volumes decreased 40.7%. This was also the case for BTC and ETH futures open interest, which were down 31.8% and 29.3% respectively.
Key discussion points include:
- Spot volume from the 15 largest Top-Tier exchanges decreased 51.6% on average in June (vs May).
- Derivatives volumes surpassed those of spot for the first time this year, with 53.8% market share, compared to 49.4% in May. Derivatives volumes decreased by 40.7% in June to $3.2tn while total spot volumes decreased by 42.7% to $2.7tn.
- Futures open interest across all products fell 40.9% MoM to $16.4bn. This was the lowest open interest level since January 2021, when open contracts reached a value of $12.4bn.
- In terms of total USD trading volume, CME’s ETH futures reached $5.9bn in June (down 68.7% since May). Meanwhile, CME’s BTC futures volumes decreased by 45.1% to $27.1bn.
You can download the full Exchange Review via the following link to access all the key insights and takeaways: https://data.cryptocompare.com/reports/exchange-review-june-2021.
The information provided by this report does not constitute any form of advice or recommendation by CryptoCompare. Any redistribution of charts appearing in this Review must cite CryptoCompare as the sole provider and creator.
