Crypto futures volume drops to late 2023 levels

Cryptocurrency futures trading volume on major exchanges fell to approximately $2.9 trillion in May, the lowest level since the end of 2023, The Block reported. This figure represents a significant decrease from the monthly volumes of $6 trillion to $7 trillion recorded last year, a trend attributed to a general decline in market speculation, including reduced spot trading and on-chain activity. Trading volume remains concentrated on Binance, followed by OKX, Bybit, and Gate. In contrast, small and mid-sized exchanges have reportedly seen a relatively larger drop in volume.