Cryptocurrency derivatives volume plummeted by 35.7% in June

• A CryptoCompare report noted that derivatives and options trading plummeted drastically in June. 
• Derivatives volume fell by 35.7% to $393 billion, hitting its lowest monthly volume in 2020.
• Despite a decline of 38.3% in trading since May, Huobi is still the largest derivatives exchange by volume.

Cryptocurrency options trading and derivatives witnessed a steep decline in June, according to a recent edition of the CryptoCompare Exchange Review. Derivatives volume fell by 35.7% to $393 billion, hitting its lowest monthly volume this year. However, total monthly spot volumes saw a more significant decrease of 49.3% to $642 billion, causing derivatives to gain market share in June and represent 37% of the market. 

According to the report, derivatives exchanges witnessed “large decreases” in trading volume last month, with BitMEX undergoing a significant proportional decline (-50.3% to $51.6 billion). Despite suffering a drop of 38.3% in trading since May, Huobi has maintained its status as the largest derivatives exchange by volume at $122.4 billion. OKEx has ranked second, with $106.9 billion in volume (down 30.4% from May). Binance ranked third, with $85.9 billion (down 34.2%). 

Options trading also took a hit in June. Deribit exchange’s monthly options volume decreased by 17.8%, according to the report. This is less of a decline when compared to other derivatives exchanges that only offer futures products.

Daily options trading saw two major peaks in volume on the 2nd and 26th of June at $178 million and $162 million. The report noted that these peaks were comparable to the daily records that took place in previous months.