Spot trading volume on centralized exchanges increased by 16.4% in June, reaching $575 billion. This marks the first rise in three months and the combined trading volume of spots and derivatives on centralized exchanges rose 14.2% to $2.7 trillion in June. The increase in trading activity can be attributed to the volatility following the SEC’s lawsuit against Binance.US and Coinbase, as well as the positive market outlook after the filing of spot Bitcoin ETFs by BlackRock and Fidelity.
Binance’s market share for spot trading has dropped for the fourth consecutive month, hitting 41.6% in June, its lowest point since August 2022. Its derivatives market share also fell to 56.8%, the lowest since October 2022. On the other hand, OKX saw its trading volumes for derivatives rise by 44.9% to $416 billion in June, holding 19.5% of the market.
In the U.S., Coinbase dominates Bitcoin trading volumes with a 61% share. However, U.S. exchanges only account for 9.49% of global BTC trading volumes, making Coinbase’s contribution only 5.83% of the global BTC trade volume.
Derivatives volume on the CME exchange increased by 23.6% in June, with BTC futures seeing a surge of 28.6% to $37.9 billion. ETH futures trade volume also rose by 9.93% to $8.91 billion. This increase in BTC futures volume indicates heightened trading activity by institutional entities as they speculate on the SEC’s decision regarding multiple spot Bitcoin ETF filings.
In summary, spot trading volume on centralized exchanges increased in June, driven by market volatility and the filing of spot Bitcoin ETFs. Binance’s market share has declined while OKX has seen a significant rise in derivatives trading. Coinbase dominates Bitcoin trading volumes in the U.S., but its global contribution is relatively small. The CME exchange experienced an increase in derivatives volume, particularly in BTC futures, indicating increased institutional trading activity.
Hot Take: The rise in spot trading volume and the shift in market share among exchanges highlight the dynamic nature of the cryptocurrency market. Institutional interest and regulatory developments continue to shape trading activity, making it an exciting and ever-evolving space for investors and traders.
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