Key Takeaways:
- Combined spot and derivatives trading volume surged by 14.2% to $2.71tn in June, marking the first monthly increase in three months.
- The filing of spot Bitcoin ETFs by giants like BlackRock and Fidelity, along with market volatility, fueled the rise in trading volumes.
- CME exchange saw a 28.6% rise in BTC futures volume to $37.9bn, indicating increasing institutional interest in crypto assets.
CCData’s latest report unearths a refreshing resurgence in the crypto market, as the combined spot and derivatives trading volume experienced a 14.2% increase, climbing to $2.71tn in June. Notably, this marks the end of a three-month downturn, with volumes finally gathering momentum.
One of the factors propelling this rise in volumes is the submission of spot Bitcoin ETFs by heavyweights such as BlackRock and Fidelity. Furthermore, market sentiment was stirred by turbulence, including the SEC’s lawsuit against Binance.US and Coinbase, which piqued traders’ interest and gave volumes an additional nudge.
Spot trading volume on centralized exchanges followed the upward trajectory, ballooning by 16.4% to reach $575bn in June. Despite this being the first increase in three months, it’s pertinent to note that the spot trading volumes remain relatively low historically, recording the lowest quarterly volumes since Q4 of 2019.
The derivatives realm also felt the surge, as trading volume on centralized exchanges swelled by 13.7% to reach $2.13tn in June. However, it’s intriguing to observe that the market share of derivatives dipped for the first time in four months. This suggests an uptick in the accumulation of crypto assets, spurred by the positive market news.
The CME exchange emerged as a stellar performer, witnessing a remarkable 28.6% spike in BTC futures volume, which amounted to $37.9bn – a pinnacle not scaled since November 2021. This sharp escalation underscores the heightened institutional appetite for crypto assets, particularly in the face of speculation around the SEC’s impending verdict on Bitcoin ETFs.
The rising tides in June’s trading volumes, stimulated by a concoction of spot Bitcoin ETF filings and market upheavals, paint a promising picture. However, the road ahead is pockmarked with regulatory hurdles and wavering market sentiments that could sway the crypto trading ecosystem in unforeseeable ways.
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