According to data provided by WuBlockchain, spot trading volumes on major centralized exchanges declined by as much as 17% in June.
Notably, the Upbit exchange took the biggest hit, with 45%. Bitfinex has also experienced a sizeable decline, with a 38% drop.
Binance, the world’s largest trading platform in terms of spot trading volume, also experienced a notable drop of 22.6%.
At the same time, some exchanges of the likes of Mexc and HTX actually managed to record gains in terms of spot trading volume, bucking the broader trend.
Derivatives trading volumes have also plunged by 18%, with Gate and Deribit both losing more than 30% of trading volume on a month-over-month basis. Mexc is the only centralized cryptocurrency trading platform that is in green territory when it comes to futures trading volume.
The Bitcoin price experienced a 7.12% drop in June. The month closed at $62,676 after the largest cryptocurrency failed to surpass the $72,000 resistance level.
Last month, the cryptocurrency suffered from sales initiated by the U.S. and German governments as well as miner transfers to exchanges.
Bitcoin and Ethereum have both underperformed against major stock market indices such as the S&P 500 and Nasdaq Composite.
According to New York-based investment firm VanEck, cryptocurrency volatility also dropped to a yearly low in June.
As reported by U.Today, Coinbase researchers recently predicted that the cryptocurrency market would remain subdued in the third quarter of the year due to the lack of powerful bullish catalysts that could propel prices higher. For now, the main focus is on the seemingly imminent launch of several spot Ethereum exchange-traded funds (ETFs).