Binance's latest report highlights structural weaknesses in the crypto market, citing reduced capital inflows as a significant factor. Despite this, analysts at Binance Research remain optimistic, expecting upcoming catalysts to positively impact the market for the rest of the year. In Q2 2024, the top 10 centralized exchanges (CEXs) recorded $3.40 trillion in spot trading volume, a 12.2% quarter-on-quarter drop. Binance retained its lead with a 45% market share, while Bybit surged to second place. The total crypto market cap dropped by 14.4% in Q2 2024, ending at $2.43 trillion. Bitcoin ended Q2 at $62,734, down 11.9%, with daily trading volume falling to $26.6 billion. June saw an 11.4% market cap drop, driven by the German BTC sell-off and Mt. Gox repayments. Decentralized exchanges (DEXs) saw a 15.7% surge in trading volume, reaching $370.7 billion. The DEX to CEX spot trade volume ratio is on track to hit a new all-time high, currently at 13.76% in July 2024.