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By Kapil Rajyaguru
Crypto Exchange Volume Falls to 6-Month Low as Traders Flee Spot for Futures.
Crypto exchange activity is declining across both centralized and decentralized platforms, with spot trading volumes for Bitcoin and Ethereum hitting their lowest levels relative to futures trading since mid-2024 and late 2023, respectively. Despite a brief spike in early April — likely due to President Trump’s tariff-related market turmoil — overall exchange volume has dropped to six-month lows. The seven-day moving average across major exchanges like Binance and Coinbase fell to just over $32 billion, down over 75% from a December 2024 peak of $132 billion.
Decentralized exchange (DEX) volumes and crypto ETF trading are also down, though ETFs have seen less dramatic declines. Traders are favoring futures over spot trading, with spot-to-future volume ratios for BTC and ETH at multi-month lows—0.19 and 0.20, respectively — signaling increased speculative activity.
Meanwhile, Solana is seeing a modest rise in exchange volume relative to Ethereum, reversing a previous downtrend, and recently captured 70% of daily crypto app revenue, according to its team.
Bitget Will Roll Back Trades, Compensate Users After ‘Abnormal’ VOXEL Trading Activity.
Bitget, a centralized cryptocurrency exchange, is rolling back trades and offering compensation after “abnormal trading” activity in its perpetual futures market for VOXEL, a little-known token from the RPG game Voxie Tactics. Over the weekend, VOXEL’s trading volume unexpectedly surged — even surpassing Bitcoin’s— and its price spiked over 300% in a week. Some users made large profits, allegedly due to a bug in Bitget’s market-making system. However, Bitget suspects possible market manipulation and is reversing irregular trades while investigating the incident further. Affected users may receive compensation.
South Korea’s Central Bank Vows To ‘Actively Participate’ In Stablecoin Legislation Development.
The Bank of Korea (BOK) will actively help shape stablecoin regulations to protect financial and monetary stability, warning that widespread use could weaken monetary policy and link crypto risks to traditional finance.
As part of South Korea’s second phase of crypto legislation, set to begin drafting later this year, the new rules will focus on stablecoins, transparency, and clearer classifications for crypto services. The first law, enacted in July 2024, focused on investor protection.
Over 18 million South Koreans—35% of the population—hold crypto, and top exchanges handle $12.1 billion in daily volume. The BOK is also testing a CBDC, with peer-to-peer trials set for October.
Bybit CEO says nearly 28% of $1.4 bn hacked crypto ‘gone dark,’ moved to P2P and OTC.
Bybit CEO Ben Zhou revealed that 27.59% of the $1.4 billion stolen in February’s massive hack has become “untraceable,” up from 23% in March. The funds were laundered through mixers like Wasabi, bridges, and platforms like CryptoMixer, Tornado Cash, and Railgun, then moved to OTC and P2P exchanges.
The attack, attributed to North Korea’s Lazarus Group, saw 400,000 ETH and 113,000 ETH-related tokens stolen. About $960 million has been converted into BTC and scattered across tens of thousands of wallets.
Bybit is encouraging on-chain bounty hunters to help track and freeze funds, offering 10% rewards—$2.3 million has already been paid out.
Decentraland (MANA) Hits Two-Month High Amid Bullish Momentum.
Decentraland (MANA) has seen a sharp uptick in demand, with its price surging over 10% in the past 24 hours, driven by renewed investor interest in metaverse assets.
The increase in on-chain activity and accumulation suggests strong fundamental backing, with rising adoption and engagement within its ecosystem.
As a virtual world platform powered by blockchain, Decentraland continues to attract users and developers, positioning MANA as a key asset in the growing Web3 and digital real estate space.
However, its long-term value remains tied to broader metaverse adoption and market sentiment around decentralized virtual experiences.
OpenSea’s OS2 Goes Live for All.
OpenSea has launched Solana token trading on its OS2 platform, removing a waitlist of over 50,000 users. The announcement marks a significant step in OpenSea’s multi-chain strategy, which began with OS2 in February 2025. Solana’s high-speed, low-fee transactions align with OpenSea’s broader goals, and popular tokens like Fartcoin and Dogwifhat were among the first available.
Although the launch has been well-received, some traders question Solana’s role on OpenSea, given competitors like Magic Eden dominate the Solana NFT market. Although we didn’t observe any immediate trading spikes, the future addition of Solana NFT trading could potentially increase engagement. OpenSea’s ongoing regulatory efforts, including resolving an SEC probe, position it for continued growth in the Web3 space.
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