According to CoinDesk, as several large institutions submitted application documents for spot Bitcoin ETFs, the market became optimistic and cryptocurrency trading volume saw its first increase in three months in June.
According to CCData, the total spot and derivatives trading volume on centralized exchanges (CEX) rose 14% to $2.71 trillion, marking the first monthly increase since March.
CCData said, “Increased volatility following the SEC’s lawsuits against Binance US and Coinbase, and positive market outlooks following the filing of spot Bitcoin ETF applications by BlackRock, Fidelity and others, all contributed to increased trading activity last month.”
Despite this, the report showed that spot trading volume in the second quarter was the lowest since the fourth quarter of 2019.
For the derivatives market, trading volume increased by 14% in June, accounting for 78.7% of the total cryptocurrency market trading volume. However, this is a decrease from May (79.1%), marking the fourth consecutive month of decline in the derivatives market share.
The report also noted that total CME derivatives trading volume increased 23.6% in June to $48.3 billion.
“Institutional investment was particularly concentrated in Bitcoin futures, with trading volume increasing 28.6% to $37.9 billion, the highest volume on the exchange since November 2021,” the report said.