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.