Crypto Trading Volumes Surge Amid ETF Optimism After 3-Month

CCData’s most recent report on the crypto market’s performance has unveiled some promising trends. After a dreary three-month dry spell, June signaled a revival with a notable increase in trade volumes across centralized exchanges. Let’s break it down for you.

Spot Trading

Spot trading volumes registered an upswing of 16.4% to $575 billion in June, pulling the metric out of its previous slump. The abrupt shift in market mood, largely a result of asset management behemoth BlackRock and others stepping into the Bitcoin ETFs arena, alongside the SEC’s legal actions against Binance.US and Coinbase, is seen as a key driver in this surge.

However, despite the rebound, spot trading volumes on centralized exchanges still hover at near-historic lows, marking the lowest quarterly volumes since the final quarter of 2019.

An interesting side-note in this scenario is Binance, which saw its spot trading market share plummet for the fourth month in a row, reaching a low of 41.6% in June. This indicates a shift in the exchange’s dynamics since its market share peak in August 2022.

Derivatives Trading

Notably, derivatives trading volume followed a similar pattern, with June’s figures showcasing a 13.7% climb to $2.13 trillion. While this marked an end to the three-month-long stagnation in derivatives volume, the overall market share of derivatives trading on centralized exchanges took a slight hit, falling to 78.7% from May’s all-time high of 79.1%. Despite these oscillations, Binance continues to dominate the derivatives trading market, recording a staggering $1.21 trillion in volumes.

Options Trading

While BTC futures trading volume saw a significant increase of 28.6% to $37.9 billion, ETH futures trading volume posted a modest growth of 9.93% to $8.91 billion. Surprisingly, ETH options trading volume took a sharp nosedive, plummeting 45.8% to $129 million.

It is worth noting that despite this surge, the majority of Bitcoin trading volumes, 61% to be precise, are concentrated within Coinbase. However, as of June’s monthly trading volumes, US exchanges only account for 9.49% of the total BTC trading volumes.