The CEX crypto trading market experienced a significant surge in volume during the month of June, reaching an impressive $2.71 trillion.

This upward trend in trading activity, the first in several months, can be attributed to two major factors: the legal actions taken by the Securities and Exchange Commission (SEC) against Binance and Coinbase, and the positive sentiment generated by BlackRock’s filing for a Bitcoin exchange-traded fund (ETF).

The recent lawsuits brought by the SEC against Binance and Coinbase had a profound impact on market volatility, leading to an increase in trading volume. Additionally, BlackRock’s ETF filing created a sense of optimism among investors, further contributing to the surge in trading activity.

Decline in Market Share for Binance, Binance.US, and Coinbase

According to CCData’s monthly exchange report, all three major exchanges – Binance, Binance.US, and Coinbase – experienced a decline in their market share. Binance, in particular, faced a significant setback following the SEC’s lawsuit on June 5.

CCData June Monthly report.

As a result, Binance’s market share dropped by 1.40% to 41.6%, while Binance.US saw a marginal decline of 0.86% to 0.36%. Coinbase, on the other hand, experienced the least impact, with its market share sliding by 0.08% to 5.36%.

Despite the overall market volatility, spot trading activity witnessed a notable increase of 16.4% to $575 billion in June. BlackRock’s ETF filing played a crucial role in boosting investor sentiment, contributing to this upward trend. However, it is worth noting that spot trading volumes on centralized exchanges remain historically low, with the second quarter of 2021 recording the lowest volumes since 2019.

Rise in Derivatives Trading Volume

Derivatives trading volume also experienced a substantial increase in June, rising by 13.7% to $2.13 trillion. Binance emerged as the leading venue for derivatives trading, with a trading volume surpassing $1.21 trillion. OKX exchange followed closely with $416 billion in trading volume, marking a significant 44.9% increase in activity.

Bitcoin futures trading volume on the CME exchange reached an impressive $37.9 billion, representing a remarkable 28.6% increase. This volume stands as the highest recorded on the derivatives exchange since November 2021. Ether futures trading volume also witnessed growth, reaching $8.91 billion, marking a 9.93% increase for the month.

The recent surge in BTC futures volume highlights the heightened trading activity among institutional entities. This surge can be attributed to the market’s speculation regarding the SEC’s decision on multiple spot Bitcoin ETF filings, as highlighted by the report.

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