Exchange Spot Volume Rose 16.4% to Almost $580 Billion in June

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A new report shows that spot trading volumes on crypto exchanges rose 16.4% to their highest level in three months despite Binance and Coinbase facing lawsuits.

However, volumes at exchanges remain at lows not seen since 2019, with Binance’s share dropping to around 41.6%.

Bitcoin ETF Filings Drive Spot Volume Increase of 16.4%

Much of the spot frenzy can be attributed to several Wall Street firms filing Bitcoin spot exchange-traded fund (ETF) applications with the US Securities and Exchange Commission (SEC) in recent weeks.

Spot Volume Rose 16.4% to $575B in June | Source: CCData

Spot trading volume peaked at $36.3 billion on June 30, up almost 51% from May’s monthly high.

On the derivatives side, trading volumes for Bitcoin futures rose 24% in June to $48 billion. While derivatives volumes on centralized exchanges also rose 14% to 2.1 trillion, individual exchanges have experienced dropoffs in market share.

Spot vs Derivatives Volumes in June | Source: CCData

The share of overall derivatives trading on centralized exchanges fell to 78.7% in June, with Binance recording a 10% dropoff to 56%.

A research report from Kaiko revealed yesterday that Binance’s recent dropoff in spot volumes may have started after it rescinded a zero-fee trading promotion in March. Later lawsuits by the US Commodity and Futures Trading Commission, the SEC, and general jitters around the industry have also contributed to declining volume.

Get the lowdown on spot cryptocurrency trading here.

Coinbase, the largest US exchange by volume, saw its share of trading volume decline 2.4% year to date, according to Kaiko Research.

BTC Market Depth Tanked $10 Million

Compounding exchange woes has been the exit of two critical liquidity providers, Jump Crypto and Jane Street.

Asian exchanges Bybit and OKX have seen market-depth for their top ten tokens by trading volume fall off dramatically. Last quarter, BTC’s global liquidity fell $10 million. TrueUSD, the only stablecoin attracting zero spot fees at Binance, also traded thinly in Q1.

However, CCData expects Coinbase to increase its share of BTC volumes for the third straight month. The exchange is fighting SEC charges it ran an unregistered brokerage. Coinbase makes up about 5.8% of global BTC spot volumes.

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