This surge in trading activity across spot markets has been linked to the increased activity of institutions and regulatory bodies. The report said:
The increase in volatility following the SEC’s lawsuit against Binance.US and Coinbase, and the positive outlook in the market following the filing of spot Bitcoin ETFs by the likes of BlackRock and Fidelity, contributed to an increase in trading activity last month.
However, this recent increase had a minimal effect on the overall spot trading volumes, which remain at historically low levels. According to CCData, the spot trading volumes on centralized exchanges (CEXs) in the last quarter were the lowest since 2019 Q4.
crypto Derivatives Market Share Sees First Decline In Four Months: CCData
The increase in spot trading volume impacted the market dominance of derivatives. For the first time in four months, the market share of derivatives trading on centralized exchanges experienced a decline, falling from an all-time high of 79.1% in May to 78.7% in June.
That said, derivatives trading volume on CEXs rose by 13.7% in the last month – its first increase in three months. Meanwhile, Binance retained its spot as the largest exchange for derivatives trading, albeit with its market share declining for the fourth consecutive month.
CCData’s report reveals that Binance’s share in the derivatives market dropped to 56.8% last month, representing its lowest since October 2022. OKX, the second-largest derivatives CEX, saw its market share rise to 19.5%, its highest since April 2022.
Coinbase Dominates Bitcoin Trading Volumes In The U.S.
It appears that derivatives trading is not the only market in which Binance is losing share. The crypto exchange’s stake in the U.S. BTC market has also fallen significantly.
Coinbase currently accounts for 61% of the Bitcoin trading volumes among US-registered exchanges, according to CCData’s review. And the exchange’s market share in the United States is expected to increase even further by the end of July.
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However, it is worth noting that US-registered exchanges only account for 9.49% of the total Bitcoin trading volumes, based on the monthly trading volumes in June. Meanwhile, Coinbase represents 5.83% of the global BTC trading volumes.
BTCUSD trading at $30,476 | Source: BTCUSD chart from TradingView
Featured image from iStock, chart from TradingView