While spot trading was in trouble, the derivatives market grew its share of the crypto trading space.Major crypto assets in the market were confined to narrow trading ranges throughout May as volatility fell to levels last seen during the beginning of the year., considered as the bellwether for crypto space, was stuck in the $26,000-$27,000 region for a greater part of last month.
The volume went on to drop further, resulting in a 21.8% drop in cumulative spot trading volume to $495 billion.The report mentioned that a combination of multiple factors led to Binance falling from its all-time high in February. These included suspension of zero-fee trading, regulatory scrutiny from U.S. regulators and the overall dull mood as highlighted earlier.