- Spot trading volume across centralized exchanges rose 16.4% to $575 billion in June, the first time volumes rose in three months.
- Derivatives trading volume on the CEX also increased, rising 13.7% for the month to $2.13 trillion.
- Binance saw a decline in both spot and derivatives volumes as OKX registered an increase.
According to the latest “Exchange Review” Report by research and data platform CCData shows that spot volumes jumped 16.4% to $575 billion in June as the crypto market experienced increased volatility during the month.
Meanwhile, combined CEX volumes across the spot and derivatives markets reached $2.7 trillion. Monthly trading volume for the two measures rose 14.2%, while it was 13.7% for derivatives as volumes reached $2.13 trillion – the first increase for derivatives trading volume in three months.
#Crypto trading volumes in June rose for the first time in three months, following BlackRock and other spot $BTC ETF proposal.
📈According to our Exchange Review, spot and derivatives trading on centralized exchanges increased by 14% to $2.71 billion.
Full story by @CoinDesk 👇https://t.co/5OVY6fwE8c
— CCData (@CCData_io) 5 July 2023
Positive news sparks crypto trading activity
The spike in volatility was fueled by the US Securities and Exchange Commission (SEC) lawsuit against leading exchanges Binance and Coinbase.
Also key to this was the positivity that greeted the filing of spot Bitcoin Exchange Traded Funds (ETFs) by major Wall Street managers BlackRock and Fidelity, and the launch of Citadel-backed crypto exchange EDX Markets.
“The increase in the market share of the spot trading volume suggests a healthy accumulation of crypto after the recent positive news in the markets“, CCData researchers note in the report.
This view was certainly visible in the market. Increased trading activity pushed the Bitcoin price to a new year-to-date high above $31,000, while altcoins such as Litecoin and Bitcoin Cash took the optimistic prospect of breaking above critical resistance levels. (Read more)
Binance’s spot and derivatives volumes are down
Despite the above increases, quarterly spot trading volumes on CEX still hover near “historically low levels.” For example, quarterly spot volumes for the second quarter of 2023 were the lowest since the fourth quarter of 2019.
Binance spot market share also fell 41.6% in June to see the leading exchange record a fourth consecutive month of declines and its lowest market share since August 2022. And while Binance continues to dominate the crypto derivatives trading market with 1.21 trillion dollars fell 56.8% in June.
OKX, which is the world’s second largest derivatives exchange, recorded a 44.9% increase in its trading volume to $416 billion in June. The crypto exchange’s market share has now grown to 19.5%, the highest level since April 2022.
