Cryptocurrency exchanges witness first surge in trading volume in three months

In June, spot trading volume on centralized crypto exchanges rose more than 16% to $575 billion. This increase represents the first increase in three months, according to a review by CCData.

This increase in trading activity on the spot markets is related to increased activity by regulatory institutions and bodies. The report said:

   Increased volatility following the SEC lawsuit against Binance.US and Coinbase, and the positive outlook in the market following the introduction of spot Bitcoin ETFs by the likes of BlackRock and Fidelity, contributed to an increase in activity. business last month.

However, this recent increase has had a minimal effect on global spot trading volumes, which remain at historically low levels. According to CCData, spot trading volumes on centralized exchanges (CEXs) last quarter were the lowest since Q4 2019.

Crypto Derivatives Market Share Sees Its First Drop In Four Months: CCData

The increase in the volume of spot operations affected the dominance of the derivatives market. For the first time in four months, the market share of derivatives trading on centralized exchanges fell from a record high of 79.1% in May to 78.7% in June.

That being said, derivatives trading volume on CEX has increased by 13.7% over the past month, its first increase in three months. Meanwhile, Binance maintained its place as the largest derivatives trading exchange, although its market share fell for the fourth month in a row.

The CCData report reveals that Binance’s share of the derivatives market fell to 56.8% last month, marking the lowest level since October 2022. OKX, the second largest derivatives CEX, saw its share increase. market share to 19.5%, the highest since April 2022.

Coinbase Dominates Bitcoin Trading Volumes in the US

It seems that derivatives trading is not the only market in which Binance is losing share. The cryptocurrency exchange’s share of the US BTC market has also declined significantly.

Coinbase currently accounts for 61% of Bitcoin trading volumes among US-registered exchanges, according to CCData analysis. And the market share of the stock market in the United States is expected to increase even more at the end of July.