In a July 17 markets report CCData shared that the combined spot and derivatives volume across all centralized exchanges stood at $4.2 trillion in June, down 53% from the record $9 trillion in volume reached in late March.
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In a July 17 markets report CCData shared that the combined spot and derivatives volume across all centralized exchanges stood at $4.2 trillion in June, down 53% from the record $9 trillion in volume reached in late March.
Bybit, which has seen its trading volume and market share surge, has been the most prolific lister among higher-volume exchanges, with listings up 83% since the start of 2023, CCData found. Coinbase has been the most conservative, with its listings up 8.2% over the same period, CCData said.
Bitcoiners have long embraced the ethos of not selling, or hodling as it’s known in the crypto world. About 70% of all digital wallets haven’t moved their Bitcoin in over a year, even when the coin hit all-time highs in March, per CCData.
Centralised crypto exchanges had a strong first half, with total aggregate spot volumes rising $10.6tn compared with $4.32tn in the second half of last year, according to CCData. March was a record, it added. The driver was primarily the arrival of the US spot bitcoin ETFs. However, the graph also shows how the post-halving lull has hit volumes.
The last bitcoin halving took place on April 19 this year, so those historical timeframes have yet to pass.
“Moreover, we have observed a decline in trading activity on centralised exchanges for nearly two months following the halving event in previous cycles, which seems to have mirrored this cycle. This suggests that the current cycle could expand further into 2025,” CCData said.
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