June saw a resurgence in crypto trading volumes, with the combined spot and derivative trading volumes on centralized exchanges climbing 14% to $2.71 trillion, according to a report by CCData. This marked the first monthly increase since March, and was attributed to the filing of spot Bitcoin exchange-traded-fund (ETF) proposals by asset manager BlackRock and other large institutions.
The increase in volatility following the SEC’s lawsuit against Binance US and Coinbase, and the positive outlook in the market following the filing of spot Bitcoin ETFs by the likes of BlackRock and Fidelity, have contributed to an increase in trading activity last month, said CCData.
The derivatives market saw a 14% increase in volumes, representing 78.7% of the crypto market. This was down from 79.1% in May, indicating that the ETF filings spurred spot accumulation of crypto assets. The total derivatives volume traded on the Chicago Mercantile Exchange (CME) rose 23.6% in June to $48.3 billion, with the BTC futures volumes rising 28.6% to $37.9bn, the highest volume traded on the exchange since November 2021.
Despite the increase in June, spot trading volumes remain at historically low levels. Spot trading volume in the second quarter was the lowest since Q4 2019, according to the report.