In May, the combined spot and derivatives trading volume on centralised exchanges fell 15.7% to $2.41tn, recording the second consecutive decline in monthly trading volume, as the price of crypto assets stayed largely rangebound, and volatility fell to levels not seen since the start of the year.

Key Takeaways

• In May, centralised exchanges experienced a  21.8% drop in spot trading volume to $495bn, marking the lowest monthly trading volume recorded by centralised exchanges since March 2019.
• Derivatives trading volume declined by 15.7% to $1.95tn, the lowest since December 2022.
• Binance’s spot market share fell for the third consecutive month, to 43.0% in May amidst the halting of zero-fee trading for USDT pairs, general weakness in the market and increased scrutiny from regulators.
• Trading volume on decentralised exchanges fell 2.58% to $72.5bn in May, however, its market share rose for the fourth consecutive month to an all-time high of 12.8%.