Introduction
Centralized exchange (CEX) crypto trading volume hit $2.71 trillion in June, the first increase in three months. The increase was driven by a number of factors, including market volatility following the SEC’s lawsuits against Binance and Coinbase, as well as improving sentiment via BlackRock’s ETF filing.
Market Volatility
The SEC filed lawsuits against Binance and Coinbase in June, alleging that the two exchanges had violated U.S. securities laws. The lawsuits caused market volatility, as investors worried about the future of the crypto industry in the United States. However, the volatility also led to increased trading volume, as investors sought to buy and sell crypto assets in response to the news.
BlackRock Bitcoin ETF Filing
In addition to the SEC lawsuits, the filing of a Bitcoin ETF by BlackRock also helped to boost crypto trading volume in June. BlackRock is the world’s largest asset manager, and its filing was seen as a sign of institutional interest in the crypto space. The filing also led to increased media coverage of crypto, which further boosted trading volume.
Other Factors
In addition to the SEC lawsuits and the BlackRock ETF filing, there were a number of other factors that contributed to the increase in CEX crypto trading volume in June. These factors included:
The rise of decentralized finance (DeFi), which has led to increased demand for crypto assets.
The launch of new crypto derivatives products, which has also led to increased demand for crypto assets.
The overall growth of the crypto industry, which has led to more people investing in crypto assets.
Conclusion
The increase in CEX crypto trading volume in June is a positive sign for the future of the crypto industry. The market volatility and the filing of the BlackRock ETF have helped to bring more attention to crypto, and this has led to increased investment in the space. As the crypto industry continues to grow, we can expect to see even more trading volume in the future.
Additional Information
The combined spot and derivatives trading volume on CEXs climbed 14.2% in June to $2.71 trillion, according to CCData’s monthly exchange report.
Binance, Binance.US and Coinbase all saw their market share decline in the past month.
BlackRock’s ETF filing is still pending approval from the SEC.
The SEC has not yet commented on the BlackRock ETF filing.
About BlackRock
BlackRock is a global investment management firm with over $10 trillion in assets under management. The firm offers a wide range of investment products, including ETFs, mutual funds, and alternative investments. BlackRock is headquartered in New York City and has offices in over 60 countries.
About CCData
CCData is a global financial data and analytics firm that provides market data, research, and insights on the crypto industry. The firm’s data covers over 100 exchanges and 5,000 crypto assets. CCData is headquartered in London and has offices in New York City and Singapore.
