June cryptocurrency trading volume drops three months amid growing optimism after BlackRock and other major financial institutions filed for Bitcoin exchange-traded funds (ETFs) increased for the first time.
Combined spot and derivatives trading volume on centralized exchanges rose 14% to $2.71 trillion in June, according to CCData’s research report. This is the first increase since March.
Several prominent US financial institutions, including Fidelity, Invesco and WisdomTree, last month applied or reapplied for spot Bitcoin ETFs with the US Securities and Exchange Commission (SEC).
“Rising volatility after the SEC sued Binance US and Coinbase and a positive outlook for the market after the likes of BlackRock and Fidelity applied for spot bitcoin ETFs led to last month’s trading. contributed to an increase in activity,” CCData said.
Still, spot trading volumes are still at historically low levels. Spot volume in the second quarter was the lowest since the fourth quarter of 2019, according to the report.
As for the derivatives market, the report found that trading volume increased by 14% in June, accounting for 78.7% of the cryptocurrency market. However, this is down from 79.1% in May, marking the first decline in derivatives market share in four months and suggesting EFT filings have spurred spot accumulation of crypto assets.
The total trading volume of derivatives traded on the Chicago Mercantile Exchange (CME) rose 23.6% in June to reach $48.3 billion (about ¥7 trillion).
“Institutional investor interest was particularly focused on BTC futures, with trading volume up 28.6% to $37.9 billion, the highest volume on the exchange since November 2021. It happened,” the report said.
｜Translation: CoinDesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Crypto Trading Volumes Rise for First Time in 3 Months Amid ETF Optimism