What the numbers say: The Block's data has shown that spot crypto exchanges' total trading volume increased in June for the first time since March after falling for two months in a row. The figure showed a nearly 12% monthly surge last month, hitting $489.24B from $440.06B in May. However, the volume is still quite far away from the $984B level seen in March. Relevance: The increase in trading volumes was attributed to the optimism around the crypto market due to the traditional finance (TradFi) giants' consecutive applications for a spot Bitcoin (BTC) exchange-traded fund (ETF) last month. The trend started with the world's largest asset manager BlackRock's application in mid-June. Then, several other multi-billion dollar asset managers, including WisdomTree, Invesco, Fidelity, and Valkyrie, joined BlackRock by filing their own applications. Brands that should care: On the other hand, Binance again managed to receive the biggest share of the total trading volume in June, with $239.63B. The figure represents almost half of the total volume despite the increased regulatory scrutiny worldwide on the popular crypto exchange. The platform still did not lose its leading position, though its market share dropped to a nearly one-year low last month. |
