[Data: Crypto Derivatives Trading Volume Drops to Late 2023 Levels] Odaily Planet Daily reports that data shows the total crypto futures trading volume on major exchanges fell to a nearly 12-month low in May, with a monthly figure of approximately $2.9 trillion, returning to levels last seen at the end of 2023. This is significantly lower than the monthly peak of $6 trillion to $7 trillion during last year's active period. The decline reflects an overall cooling of speculative trading in the crypto market, with spot trading volume and on-chain activity also remaining weak. Trading volume remains highly concentrated on a few leading platforms, with Binance continuing to dominate, followed by OKX, Bybit, and Gate. Meanwhile, smaller and mid-sized exchanges are experiencing more pronounced liquidity loss during this low-activity cycle. At the same time, the CFTC is pushing to pave the way for crypto perpetual contracts to be accessible in the U.S. market. For perpetual contract products, which have long been primarily available in offshore markets, this could present significant structural opportunities. (The Block)