In May, the futures trading volume on major crypto exchanges dropped to around $2.9 trillion, hitting a 12-month low and marking the lowest level since late 2023. This reflects an overall cooling of speculative activity in the crypto market. Meanwhile, the U.S. CFTC has officially opened the regulatory pathway for crypto perpetual contract products to enter the U.S. market. The report suggests that, compared to market access itself, the more significant impact could be the potential to drive institutional participation, the development of compliant infrastructure, and the growth of domestic liquidity in the U.S. However, whether U.S.-regulated platforms can compete with offshore exchanges in terms of liquidity and trading conditions remains to be seen. (The Block) https://(wublock123.com)/news/crypto-exchange-futures-volume-may-2-9t-low-12-months-62094