CEX crypto trading hits $2.7T in June amid SEC lawsuits, BlackRock Bitcoin ETF filing

Crypto Exchanges Market Share Declines in June

According to CCData’s monthly exchange report, the combined spot and derivatives trading volume on centralized exchanges (CEXs) rose by 14.2% in June to $2.71 trillion. However, this growth was accompanied by a decline in market share for major crypto exchanges such as Binance, Binance.US and Coinbase.

The SEC lawsuit against Binance on June 5th caused a spike in withdrawals, resulting in a 1.40% decrease in its market share to 41.6%. Binance.US and Coinbase saw more modest drops of 0.86% and 0.08% respectively.

The filing of BlackRock’s Bitcoin ETF also contributed to the market’s positive sentiment, with spot trading activity increasing by 16.4% to $575 billion. Despite this, the April-June period still saw the lowest trading volumes since 2019.

Crypto Trading Volume Rises in June

June saw a surge in derivatives trading volume, with an increase of 13.7% to $2.13 trillion. Binance was the leading exchange in this crypto trading, with a volume of $1.21 trillion, followed by OKX exchange with $416 billion, a 44.9% jump in activity.

The CME exchange also experienced a spike in Bitcoin futures volume, reaching $37.9 billion, a 28.6% increase, the highest volume since November 2021. Additionally, Ether (ETH) futures trading volume rose to $8.91 billion, a 9.93% increase in the month.

Commenting on this surge, the report stated: “The increase in BTC futures volume over the last couple of months highlights the heightened trading activity by institutional entities as the markets speculate over the SEC’s decision on the multiple spot Bitcoin ETFs filings.”

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