Crypto Trading Volumes Drop in Q2 to Yearly Lows

Bitcoin, the world’s largest cryptocurrency, lost the most market share of trading volume in the second quarter of this year.

AccessTimeIconJun 15, 2023 at 3:32 p.m. UTC
Updated Jun 16, 2023 at 4:25 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto trading volumes have hit yearly lows across quarter two, as market makers scale back on trading, according to data from Kaiko.

Average daily volumes for the second quarter of 2023 were $10 billion for the top 10 tokens (excluding stablecoins), compared to $18 billion average daily volumes in the first quarter of the year.

This comes as regulatory crackdown has heightened in the last month, perhaps prompting traders and market makers to pull back. Last week, Binance and Coinbase, two of the largest cryptocurrency exchanges, received lawsuits against them from the U.S. Securities and Exchange Commission (SEC).

In terms of individual token market share of trading volume across Q2, bitcoin has lost around 20 percentage points since its peak at the end of March. Ether outperformed bitcoin, taking a 5 percentage point increase in share of volumes. Binance’s BNB rose from 2% of volumes to over 7% in the last few days amid the Binance regulatory fear.

Kaiko
Kaiko

Edited by Nelson Wang.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.