The first increase in trading volume in months was driven by market volatility following the SEC’s lawsuits against Binance and Coinbase, as well as improving sentiment via BlackRock's ETF filing.
The combined spot and derivatives trading volume on centralized exchanges (CEXs) climbed 14.2% in June to $2.71 trillion, according to CCData’s monthly exchange report. Binance, Binance.US and Coinbase all saw their market share decline in the past month.
As per the report, the first rise in trading volume in three months was backed by BlackRock's exchange-traded fund (ETF) filing and regulators’ complaints against crypto exchanges Binance and Coinbase in the United States.
Binance saw a surge in withdrawals following the Securities and Exchange Commission (SEC) lawsuit on June 5. As a result, its market share dropped the most among CEXs, by 1.40% to 41.6%, while Binance.US saw a marginal share decline of 0.86% to 0.36%. Coinbase’s market share declined the least among the major exchanges, sliding by 0.08% to 5.36%.
While the SEC lawsuits triggered volatility across markets, BlackRock's filing for a spot Bitcoin (BTC) ETF reportedly boosted investors’ sentiment, with spot trading activity increasing by 16.4% to $575 billion in June. Despite the growth, spot trading volumes on CEXs remain historically low, with April to June representing the lowest quarterly volumes since 2019.
June also saw derivatives trading volume rise 13.7% to $2.13 trillion, the first increase in three months. Binance was the leading venue for derivatives crypto trading, with volume topping $1.21 trillion in June, followed by OKX exchange with $416 billion, up 44.9% in activity.
Bitcoin futures volume spiked on the CME exchange, reaching $37.9 billion, a 28.6% increase, the highest volume traded on the derivatives exchange since November 2021. Ether (ETH) futures trading volume grew to $8.91 billion, a 9.93% increase in the month.
“The increase in BTC futures volume over the last couple of months highlights the heightened trading activity by institutional entities as the markets speculate over the SEC’s decision on the multiple spot Bitcoin ETFs filings," notes the report.
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