CEX Crypto Trading Surges to $2.7 Trillion in June Amid SEC Lawsuits and BlackRock Bitcoin ETF Filing

In June, the combined trading volume of spot and derivatives on centralized exchanges (CEXs) experienced a notable increase, reaching $2.71 trillion, according to CCData’s monthly exchange report. This surge in trading activity was influenced by several factors, including BlackRock’s filing for a Bitcoin exchange-traded fund (ETF) and regulatory actions taken against Binance and Coinbase in the United States.

Binance, one of the largest CEXs, witnessed a significant decrease in market share due to the SEC lawsuit filed on June 5. The platform’s market share dropped by 1.40% to 41.6%. Similarly, Binance.US experienced a marginal decline of 0.86% to 0.36% in its market share. In contrast, Coinbase saw a relatively small decline of 0.08% to 5.36%.

Despite the volatility triggered by the SEC lawsuits, the filing of a spot Bitcoin ETF by BlackRock had a positive impact on investor sentiment. Spot trading activity increased by 16.4% to $575 billion in June. However, spot trading volumes on CEXs still remain historically low, representing the lowest quarterly volumes since 2019 for the period between April and June.

Derivatives trading volume also saw a significant rise, increasing by 13.7% to $2.13 trillion in June. Binance emerged as the leading venue for derivatives crypto trading, with a volume surpassing $1.21 trillion. OKX exchange followed closely with $416 billion, experiencing a remarkable 44.9% surge in activity.

Bitcoin futures trading volume on the CME exchange experienced a notable spike, reaching $37.9 billion, marking the highest volume traded on the derivatives exchange since November 2021. Additionally, Ether futures trading volume grew to $8.91 billion, representing a 9.93% increase during the month.

The report highlights that the increased trading activity in BTC futures is likely driven by institutional entities speculating on the SEC’s decision regarding multiple spot Bitcoin ETF filings. This heightened trading reflects the anticipation and interest surrounding the potential approval of these ETFs.

Overall, June demonstrated a significant uptick in trading volume on CEXs, driven by various factors including regulatory developments, institutional activity, and market sentiment.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you