– Trading volume on centralized exchanges (CEXs) increased by 14.2% in June to $2.71 trillion, marking the first rise in three months.
– The increase in trading volume was driven by market volatility following the SEC’s lawsuits against Binance and Coinbase, as well as improving sentiment via BlackRock’s ETF filing.
– Binance saw a significant drop in market share due to a surge in withdrawals following the SEC lawsuit, while Binance.US and Coinbase also experienced slight declines.
– Spot trading activity increased by 16.4% to $575 billion in June, boosted by BlackRock’s filing for a spot Bitcoin ETF.
– Despite the growth, spot trading volumes on CEXs remain historically low, representing the lowest quarterly volumes since 2019.
– Derivatives trading volume also saw an increase of 13.7% to $2.13 trillion, with Binance leading in derivatives crypto trading.
– Bitcoin futures volume on the CME exchange reached its highest level since November 2021, while Ether futures trading volume also grew.
– The report suggests that the increase in BTC futures volume indicates heightened trading activity by institutional entities speculating over the SEC’s decision on spot Bitcoin ETFs.
– Overall, the increase in trading volume reflects the impact of regulatory actions and investor sentiment on the cryptocurrency market.
