The volume of trading on centralized cryptocurrency exchanges increased significantly over the past week. Analysts attribute this to BlackRock’s bid for a spot crypto-ETF.
Average CeFi trading volume rose from $11 billion on May 26 to $19.5 billion on June 26. Nevertheless, trading volumes are well below record levels – in 2021, during bitcoin’s bull cycle, the figure exceeded $150 billion per day.
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“We think the surge in trading volume over the past week, which was accompanied by a 12% increase in crypto market capitalization, seems to be attributable to the excitement following BlackRock’s filing to launch a spot bitcoin ETF,” said JMP analyst Devin Ryan.
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The analyst notes that trading volume is mainly increased by institutional investors. For example, LMAX Digital, which serves only institutional customers, saw a 15% increase.
Recently, it was reported that U.S. users find decentralized finance apps too complicated.
Eleanor Ashworth is editor-in-chief at BTCNews. A Cambridge-trained journalist with 18 years across the Financial Times, Reuters and the Telegraph, she joined the crypto beat in 2017 after covering the Bank of England and HM Treasury. She holds the SABEW Best in Business award (2022) and was shortlisted for the British Journalism Awards (2023). At BTCNews she sets the editorial line for Bitcoin and macro markets coverage, with a focus on institutional adoption, regulation and central-bank policy. Based in London.
