Crypto Markets in June: Top 5 Exchanges Witness Plunge MoM in Trading Volumes

​The crypto market is currently experiencing a "cold winter" when the withdrawal suspention by Celsius has triggered a painful "avalanche" of Bitcoin. Since then, major crypto platforms have successfully suspended deposits, withdrawals and trading services. Under such a harsh macro conditions, can the major crypto exchanges withstand the greatest pressure ever? Fazzaco has collected data on the trading volumes of top 5 crypto exchanges in June 2022. The results show that crypto trading volumes on these exchanges all sharply declined on a monthly basis.

The top 5 crypto exchanges covered by the report include Binance, Coinbase, FTX, OKX, and Huobi Global. The specific data is shown in the table below:

As can be seen from the above table, the trading volumes of these exchanges have declined to varying degrees this month. In terms of the month-on-month changes, Coinbase plummeted the most in June with 28.15%, followed by Huobi Global and FTX with 21.1% and 12.94%, respectively. Binance and OKX dropped 12.2% and 11.9%.

The detailed trading volumes and their month-on-month changes for each crypto exchange are as follows:

Binance

Binance​'s total trading volume in June was $1.8 trillion, down 12.2% from $2.05 trillion in May 2022. Even so, the exchange remained the industry leader.

During the crypto downturn, Binance went the other way, launching zero-fee bitcoin trading services to attract new users and announcing hiring for 2,000 vacancies​, all of which demonstrate the strength of the global top crypto exchange.

OKX

OKX​'s June total trading volume came in $484.99 billion, declining 11.9% from $550.5 billion last month. The spot volume dropped 48.5% from $82.86 billion to $42.66 billion on a monthly basis.

Coinbase

In June 2022, Coinbase​'s total trading volume tumbled to $59.04 billion, which shows a sharp drop of 28.15% from $82.17 billion in May 2022.

Although the crypto exchange took a series of cost-cutting measures to cope with the crypto "cold winter"​, it still suffered the biggest slump ever. According to statistics, its rival exchange FTX has surpassed Coinbase​ in terms of crypto activity in May, and continued the trend in June. In addition, Coinbase's stock price has been plummeting, and major rating agencies have downgraded its rating.​

Huobi Global

In June 2022, Huobi Global​ witnessed 21.1% decline in total trading volume, falling from the previous month's $193.14 billion to $152.38 billion.The spot volume saw a month-on month decrease of 24%, from $61.8 billion to $46.96 billion.

FTX

FTX​'s total trading volume in June 2022 was $353.12 billion, which reveals a decrease of 12.94% compared to $405.6 billion in May 2022. In spot market, the trading volume in June was $69.61 billion, down 18% from $84.94 billion in May.