Crypto spot trading volume in June increased to $575 billion, a 16% rise according to CCData.

  • In June, spot trading volume on centralized exchanges increased by 16.4% to reach $575 billion, marking the first rise in volume in three months.
  • Derivatives trading volume on CEXs also experienced a 13.7% surge, reaching $2.13 trillion.
  • Binance witnessed a decrease in both spot and derivatives volumes, while OKX registered an increase.

According to the latest “Exchange Review” report by research and data platform CCData, spot volumes saw a 16.4% jump to $575 billion in June, driven by increased volatility in the crypto market during the month.

Meanwhile, the combined volumes of spot and derivatives markets on CEXs reached $2.7 trillion. Trading volume for both metrics rose by 14.2% monthly, with derivatives seeing a 13.7% increase to $2.13 trillion – the first rise in derivatives trading volume in three months.

#Crypto trading volumes in June rose for the first time in 3 months, following BlackRock & other spot $BTC ETF proposals.

????As per our Exchange Review, spot & derivative trading on centralized exchanges rose 14% to $2.71tn.

Full Story by @blockchain ???? https://t.co/5OVY6fwE8c

— CCData (@CCData_io) July 5, 2023

Positive news fuel crypto trading activity

The increase in volatility was fueled by the US Securities and Exchange Commission (SEC)’s lawsuit against leading exchanges Binance and Coinbase.

Additionally, the filing of spot Bitcoin exchange traded funds (ETFs) by major Wall Street asset managers BlackRock and Fidelity, as well as the launch of Citadel-backed crypto exchange EDX Markets, contributed to the positive sentiment.

“The increase in the market share of spot trading volume hints at the healthy accumulation of crypto following recent positive news in the markets,” note CCData researchers in the report.

This positive outlook was evident in the market, with increased trading activity driving the price of Bitcoin to a new year-to-date high above $31k. Altcoins like Litecoin and Bitcoin Cash also benefited from the optimistic outlook, breaking above critical resistance levels. [Read more]

Binance’s spot and derivatives volumes decline

Despite the aforementioned increases, spot trading volumes on CEXs for the quarter still remain close to “historically low levels.” For example, spot volumes for Q2 2023 were the lowest since Q4 2019.

Notably, Binance’s market share in the spot market declined by 41.6% in June, marking the exchange’s fourth consecutive month of decline and its lowest market share since August 2022. Although Binance continues to dominate the crypto derivatives trading market with $1.21 trillion, it saw a 56.8% decrease in June.

On the other hand, OKX, the world’s second-largest derivatives exchange, recorded a 44.9% increase in trading volume, reaching $416 billion in June. The exchange’s market share has now grown to 19.5%, its highest level since April 2022.

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