The latest report by research and data platform CCData titled “Exchange Review” shows that crypto trading activity experienced an increase in June 2023 following the filing of spot Bitcoin exchange traded funds (ETFs) by major Wall Street asset managers BlackRock and Fidelity, and the launch of Citadel backed crypto exchange EDX Markets.
Spot trading volume on centralised exchanges rose 16.4% to $575 billion and derivatives trading volume also saw a 13.7% spike to $2.13 trillion. The combined CEX volumes across spot and derivatives markets hit $2.7 trillion, a 14.2% monthly increase.
The increase in spot trading volume was driven by positive news in the markets and the US Securities and Exchange Commission (SEC)’s lawsuit against leading exchanges Binance and Coinbase. This saw Bitcoin price shoot to a new year-to-date high above $31k, while altcoins like Litecoin and Bitcoin Cash broke above critical resistance levels.
Despite the above increases, the quarterly spot trading volumes on CEXs are still near “historically low levels.” The market share of Binance declined 41.6% in June to see the leading exchange record a fourth consecutive month of declines. Binance continues to dominate the crypto derivatives trading market with $1.21 trillion, but saw a 56.8% drop in June. OKX, the world’s second-largest derivatives exchange, recorded a 44.9% increase in its trading volume to hit $416 billion in June, reaching its highest market share since April 2022.
