Bitcoin spot market volume fell by over 30% in June while DEXs picked up market share
July 1, 2020, 5:49PM EDT
1 min read
Monthly volumes for both bitcoin spot and futures fell sharply in June, by 31.98% and 40.39%, respectively, according to data collected by The Block.
The decline of the bitcoin market coincided with a significant increase in trading volumes of Ethereum-based decentralized exchanges (DEXs). Data collected from Dune Analytics reveals that DEXs posted a monthly volume of $1.51 billion for June, a 70% increase from May. This development also represents a 46% jump over the previous all-time high in March.
Source: The Block Research, CryptoCompare
The opposite movements of trading volumes on DEXs and bitcoin centralized exchanges (CEXs) also pushed the ratio between the two to an all-time high of 2.1%. The launches of Balancer's and Compound's governance tokens in June boosted trading volumes on AMMs such as Uniswap and Curve.
Source: Dune Analytics, CryptoCompare, The Block Research
Meanwhile, bitcoin futures monthly volumes posted a considerable month-over-month decline, sliding by 40% from $557 billion in May to $332 billion in June.