Crypto Spot Trading Volume Drops to Year’s Lowest Daily Average
Summary
- KobeissiLetter said average daily trading volume across 44 spot cryptocurrency exchanges fell to about $15 billion, the lowest level this year.
- Average daily trading volume has fallen about 70% from its January peak and is also down about 50% since December last year, marking a yearly low.
- More than 60% of total spot trading volume was concentrated at the top six exchanges, while liquidity in the cryptocurrency market is drying up quickly.
Forecast Trend Report by Period
Trading activity in the cryptocurrency market has slowed, sending spot volume to its lowest level of the year.
KobeissiLetter, citing Kaiko data on August 3, said average daily trading volume across 44 spot cryptocurrency exchanges fell to about $15 billion last week. That marked the lowest level this year.
Average daily volume is down about 70% from its January peak. In February, daily volume topped $100 billion on two occasions, but trading has shrunk sharply in recent weeks.
The decline has persisted over a longer period as well. Since December last year, average daily volume has dropped about 50% to around $20 billion, also the lowest level this year.
Trading was concentrated among a small group of large exchanges. More than 60% of total spot volume came from the top six platforms.
KobeissiLetter said liquidity in the cryptocurrency market is drying up quickly.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.