CEX crypto trading reaches $2.7T in June despite SEC lawsuits and BlackRock Bitcoin ETF filing.

The monthly exchange report from CCData reveals that the combined trading volume of spot and derivatives on centralized exchanges (CEXs) increased by 14.2% in June, reaching $2.71 trillion. However, market shares for Binance, Binance.US, and Coinbase all declined during the same period.

The report attributes the first rise in trading volume in three months to BlackRock’s filing for an exchange-traded fund (ETF) and regulatory complaints against Binance and Coinbase in the United States.

Following the Securities and Exchange Commission (SEC) lawsuit on June 5, Binance experienced a surge in withdrawals, resulting in the largest market share drop among CEXs, falling by 1.40% to 41.6%. Binance.US saw a marginal decline of 0.86% to 0.36%, while Coinbase experienced the smallest decline among major exchanges, sliding by 0.08% to 5.36%.

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Although the SEC lawsuits caused market volatility, BlackRock’s filing for a spot Bitcoin (BTC) ETF reportedly boosted investor sentiment, leading to a 16.4% increase in spot trading activity to $575 billion in June. Despite the growth, spot trading volumes on CEXs remain historically low, with the second quarter of 2021 representing the lowest quarterly volumes since 2019.

In June, derivatives trading volume also rose by 13.7% to $2.13 trillion, marking the first increase in three months. Binance emerged as the leading venue for derivatives crypto trading, with a volume of over $1.21 trillion in June. The OKX exchange followed with $416 billion, experiencing a 44.9% increase in activity.

Bitcoin futures volume on the CME exchange spiked, reaching $37.9 billion, a 28.6% increase and 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 report notes that the increase in BTC futures volume over the last few months indicates heightened trading activity by institutional entities as the markets speculate about the SEC’s decision on multiple spot Bitcoin ETF filings.

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