Combined cash and derivatives trading volume on centralized exchanges (CEX) soared 14.2% in June to $2.71 trillion, according to CCData’s Monthly Exchanges Report. Binance, Binance.US, and Coinbase have all seen their market share decline over the past month.
According to the report, the first increase in trading volume in three months was supported by BlackRock’s exchange-traded fund (ETF) filing and complaints from regulators against U.S. crypto exchanges Binance and Coinbase.
Binance saw an increase in withdrawals following the June 5 Securities and Exchange Commission (SEC) lawsuit. As a result, its market share fell the most among CEX, from 1.40% to 41.6%, while Binance.US saw a marginal drop in share from 0.86% to 0.36%. Coinbase’s market share declined the least among major exchanges, slipping 0.08% to 5.36%.
As SEC lawsuits sparked market volatility, BlackRock’s filing of a spot Bitcoin ETF reportedly boosted investor sentiment as spot trading activity rose 16.4% to $575 billion in June. Despite the growth, spot trading volumes on CEX remain historically low, with April through June representing the lowest quarterly volumes since 2019.
In June, derivatives trading volume also rose 13.7% to $2.13 trillion, the first increase in three months. Binance was the top crypto derivatives trading venue, with volume topping $1.21 trillion in June, followed by exchange OKX with $416 billion, up 44.9% in activity.
Bitcoin futures volume soared on the CME exchange, reaching $37.9 billion, an increase of 28.6%, the highest volume traded on the derivatives exchange since November 2021. Ether (ETH) futures trading volume reached $8.91 billion, an increase of 9.93% during the month.
“The increase in BTC futures volume over the past two months highlights increased trading activity by institutional entities as markets speculate on the SEC’s decision regarding the filings of several Bitcoin spot ETFs,” notes The report.
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