Slumps in Bitcoin prices and the total cryptocurrency market cap coincided with reduced trading activity on centralized exchanges like Binance.

Data from the WuBlockchain team revealed that crypto spot volumes on centralized exchanges (CEXs) dropped 17% month-on-month (MoM) in June. Bitcoin (BTC) declined around 5% in the last 30 days, while the total crypto market dropped hundreds of billions within the same period.

As capital exited the digital asset market and investor sentiment turned bearish, several CEXs, including Upbit, Bitfinex, and KuCoin, recorded significant reductions in trading volumes, with declines of 45%, 38%, and 32%, respectively.

Binance saw a 22% drop in spot tradin, trading dropped around 22%, while Coinbase experienced a 15% decline, losing its second-place …