In May, the combined spot and derivatives trading volume on centralised exchanges fell 20.1% to $5.27tn, as major crypto assets including Bitcoin and Ethereum remained largely rangebound. Toward the end of the month, many assets experienced a sudden spike in volatility following the SEC’s surprise approval of spot Ethereum ETF in the US.

Key Takeaways

• Spot trading volumes on centralised exchanges fell 21.6% to $1.57tn in May, recording the second consecutive monthly decline in trading activity.
• In May, despite a 7.42% decrease in overall derivatives trading volume to $115bn, CME’s market share among derivatives markets grew by 0.40% to 3.11%, its highest level since 2021.
  
• Trading volume on Bybit fell 12.7% to $116bn, recording the second consecutive decline in monthly trading volumes on the exchange. Despite this, Bybit is currently the second largest spot exchange in the industry, with a new all-time high market share of 7.36%.