The volume of trading on centralized cryptocurrency exchanges showed an increase in June 2023. This is stated in the new reportpublished by analytics company CCData.
The volume of spot trading on centralized exchanges reached $575 billion, which is 16.4% more than in May this year. The total volume of spot and derivatives transactions on centralized exchanges increased by 14.2% to $2.71 trillion. For the last three months the trading volume has increased for the first time.
According to the April 2023 Exchange Comparison Rankings, top exchanges account for 69.6% of total spot trading volume. Last month, this figure was 72%.
The report said: “Increased volatility following the SEC lawsuit against Binance US and Coinbase and the positive outlook created by companies like BlackRock and Fidelity filing for Bitcoin spot ETFs contributed to increased trading activity last month.”
The report claims that Binance’s spot market share has been declining for the fourth consecutive month. In June, this figure reached 41.6%. This is the lowest level since August 2022. Binance’s derivatives trading market share is also falling, dropping to 56.8% in June, the lowest since October 2022.
In the US, Coinbase continues to lead with 61% of bitcoin trading volume. However, only 9.49% of the total global BTC trading volume is traded on Coinbase.
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