A new report showed that spot trading volumes on cryptocurrency exchanges rose 16.4% to a three-month high Although Binance and Coinbase are facing lawsuits.
However, trading volumes on the exchanges are still at their lowest levels since 2019, with Binance’s stake down to around 41.6%.
Bitcoin ETF deposits increase pip volume by 16.4%
Much of the spot frenzy can be attributed to several Wall Street firms filing spot Bitcoin exchange-traded fund (ETF) applications with the US Securities and Exchange Commission (SEC) in recent weeks.
Spot trading volume peaked at $36.3 billion on June 30, up nearly 51% from the monthly high in May.
On the derivatives side, trading volumes for bitcoin futures rose 24% in June to $48 billion. While derivatives volumes on centralized exchanges also rose by 14% to $2.1 trillion, individual exchanges saw their market share decline.
The share of total derivatives traded on centralized exchanges fell to 78.7% in June, with a 10% decrease to 56%.
A research report from Kaiko yesterday revealed that the recent decline in spot trading volumes may have started after it canceled its no-fee trading promotion in March. Subsequent lawsuits by the US Commodity and Futures Trading Commission, the Securities and Exchange Commission, and general tensions around the industry also contributed to the decline in volume.
Get information about spot cryptocurrency trading here.
Coinbase, the largest US exchange by volume, has seen its share of trading volume drop 2.4% since the start of the year, according to Kaiko Research.
The BTC market depth has reached $10 million
Complex exchange issues have caused two major liquidity providers, Jump Crypto and Jane Street, to exit.
Asian exchanges Bybit and OKX saw a significant drop in the market for the top ten altcoins by trading volume. In the last quarter, the global liquidity of BTC decreased by $10 million. TrueUSD, the only stablecoin that attracts zero spot fees on Binance, also traded weakly in the first quarter.
However, CCData expects Coinbase to increase its share of BTC volumes for the third month in a row. The exchange is fighting accusations from the Securities and Exchange Commission that it operates an unregistered brokerage firm. Coinbase makes up about 5.8% of global BTC spot coin volumes.
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