(Bloomberg) — More cryptocurrency derivatives were traded in June than actual coins for the first time this year, according to data tracker CryptoCompare.

While trading volumes for both the spot and derivatives markets shrank last month by more than 40%, derivatives garnered 53.8% market share in June, compared to 49.4% in May, CryptoCompare said. Derivatives volumes in June was $3.2 trillion while total spot volumes reached $2.7 trillion.

In the past, the crypto derivatives market has frequently exceeded the spot market. But as prices skyrocketed this year, more than doubling by mid-April, the spot market became the place to be.

“As a result of both lower prices and volatility, spot volumes decreased by an immense 42.7%, while total derivative volumes decreased 40.7%” in June, CryptoCompare said in a report Monday. Open interest in Bitcoin and Ethereum futures also dropped 31.8% and 29.3% respectively.

The top derivatives exchanges included Binance, OKEx and Bybit, CryptoCompare said.

At $33,120, Bitcoin is trading at about half its all-time high of almost $65,000 set in mid-April. The Bloomberg Galaxy Crypto Index fell 11% in June.

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