• Spot trading volume across centralized exchanges rose 16.4% to $575 billion in June, the first increase in three months.
  • CEX derivatives trading volume also increased, rising 13.7% to $2.13 trillion in the month.
  • Binance saw a decline in both spot and derivatives trading volume while OKX recorded an increase.

According to the latest “Forex Review” report Spot trading volume rose 16.4% to $575 billion in June, according to research and data platform CCData, as crypto market volatility increased month-on-month.

Meanwhile, the combined spot and derivatives market volume of CEX reached $2.7 trillion. Monthly trading volume of the two indicators increased by 14.2%, while derivatives trading volume reached $2.13 trillion, up 13.7%, the first increase in derivatives trading volume in three months.

Positive News Drives Crypto Trading Activity

The volatility spike was fueled by the U.S. Securities and Exchange Commission (SEC) lawsuit against major exchanges Binance and Coinbase.

Also key was the optimism of Wall Street giants BlackRock and Fidelity’s spot Bitcoin ETF filings and the launch of Citadel-backed cryptocurrency exchange EDX Markets. rice field.

Rising Market Share of Spot Trading Volume Suggests Cryptocurrencies Are Accumulating Healthy Following Recent Good News in Marketssaid the CCData researchers in their report.

This prospect was actually appearing in the market. Increased trading activity has pushed the Bitcoin price soaring to year-to-date highs above $31,000, while altcoins such as Litecoin and Bitcoin Cash broke through key resistance on an optimistic outlook. [Read more]

Binance spot and derivatives trading volume down

Despite the above increases, CEX quarterly spot volumes are still hovering around “historic lows.” For example, Q2 2023 quarterly spot volume was the lowest since Q4 2019.

Also of note, Binance’s spot market share fell by 41.6% in June, marking the fourth straight month of decline for major exchanges and the lowest market share since August 2022. And Binance, which continues to dominate the crypto derivatives trading market with $1.21 trillion, fell 56.8% in June.

OKX, the world’s second-largest derivatives exchange, saw its trading volume rise 44.9% in June to reach $416 billion. The market share of cryptocurrency exchanges has now grown to 19.5%, the highest level since April 2022.

By Jules

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