Following a relatively stable month in April, it is safe to say volatility returned to the cryptocurrency market in May. Bitcoin’s price pulled back to $29,925 (down 44.2% from May open), and closed at $37,291, 35.4% lower than the previous month - Ethereum and many other cryptocurrencies followed a similar trend.
- BTC open interest fell 25.8% while ETH rose 9.9%
- Spot volume from the 15 largest Top-Tier exchanges increased 38.6% on average (vs April).
- Spot and derivatives volume increased by 26.5% and 40.4%, reaching $4.7tn and $5.4tn respectively.
- CME became the largest exchange for ETH futures as open interest reached $489mn, up 66.2% since April.