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CEX Trading Volume Dipped 17% In June, But Things Are Looking Up For July

Ethereum ETFs, Larry Fink's newfound love for BTC & Germany being out of Bitcoin to sell are some of the bullish catalysts for crypto in July

By Alex Ioannou

Last Updated: Jul 16, 2024

Ethereum ETFs, Larry Fink's newfound love for BTC & Germany being out of Bitcoin to sell are some of the bullish catalysts for crypto in July

Data shows that spot trading volumes across major centralized exchanges (CEX) declined 17% month-on-month. WuBlockchain, a notable crypto news and analytics account, found that the total volume in June was $1.022 billion compared to May’s total of $1.232 billion.

CEX Data For June: Volume Dips As Bitcoin Slides To $60,000

The biggest loser for June 2024 was South Korean exchange Upbit, down by 44.8%. Bitfinex and Kucoin were next, down 38% and 32% respectively.

However, it wasn’t negative for all exchanges – with two in particular seeing an increase in spot trading volume for June. Seychelles-based MEXC saw a 13% increase while another Seychelles exchange, HTX, saw a 7% rise in volume.

Unsurprisingly, the data shows that Binance is still the king of the CEX in terms of trading volume. Its spot trading volume for June was $427 billion, a staggering 3.5x more than Bybit’s $118 billion volume. The 17% drop across the board for CEX spot trading volume is likely due to the price of BTC experiencing a 7% drop from May to June.

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Bitcoin rallied at the start of June but subsequently failed to break the $72,000 resistance before dipping to a monthly low of $60,300 on 29 June. Bitcoin proceeded to close the month at $62,000.

The June slump was orchestrated by the US and German governments selling large quantities of BTC coupled with Mt.Gox moving funds between wallets in anticipation of customer paybacks beginning.

Bullish Catalysts Abound For July Into Q4

Things are looking up in July after news that the German government is finally out of Bitcoin after selling $2.9 billion in BTC over a 3-week period.

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The good news doesn’t end there – Senior ETF Analyst for Bloomberg, Eric Balchunas confirmed that Ethereum Spot ETFs are due to go live on 23 July 2024.

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Another notable bullish catalyst as we move through Q3 is Blackrock CEO Larry Fink’s regular presence on global news channels. In each appearance, Fink continues to speak positively on Bitcoin. Reuters recently reported  that Blackrock’s total assets hit an all-time-high of $10.65 trillion in Q2.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Disclaimer
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Alex Ioannou
Alex Ioannou
On-Chain Journalist

Alex is an aspiring writer focusing on the more degen side of the crypto world. Always on the lookout for the next hot narrative. Read More

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