[Crypto Derivatives Trading Volume Drops to New Low Since Late 2023] According to a report by Jinse Finance on June 3, data from The Block shows that the total futures trading volume on major crypto exchanges in May was approximately $2.9 trillion, hitting a 12-month low and returning to late 2023 levels, significantly below the $6-7 trillion peak seen last year. Trading activity remains highly concentrated on a few platforms such as Binance, OKX, Bybit, and Gate. Meanwhile, the CFTC has officially opened the door for the introduction of cryptocurrency perpetual contracts in the U.S. market. Perpetual contracts, which have no expiration date and are anchored to spot prices through funding rates, have become a mainstream trading tool in the global crypto derivatives market. Analysts point out that a compliant perpetual market in the U.S. has the potential to attract institutional participation, but whether trading volumes can recover will depend on its competitiveness against offshore exchanges.