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.
CEX Data for June: The spot trading volume of major exchanges decreased by 17% MOM. The top three changes were Mexc 13%, HTX 7%, and Bybit -2%. The bottom three were Upbit -45%, Bitfinex -38%, and Kucoin -32%. The derivatives trading volume decreased by 19% MOM.… pic.twitter.com/dukC2IFYiJ
— Wu Blockchain (@WuBlockchain) July 15, 2024
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.
BREAKING: SPOT $ETH ETFS TO LAUNCH ON 23RD JULY – @Bloomberg'S @EricBalchunas IS HEARING pic.twitter.com/v0W63pu0UU
— DEGEN NEWS (@DegenerateNews) July 15, 2024
RELATED: BlackRock CEO Recognizes Bitcoin as “Digital Gold,” Admits He Was Wrong
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.
JUST IN: BlackRock CEO Larry Fink says he is a major believer in #Bitcoin after studying it. pic.twitter.com/PZLUKX3WEo
— Bitcoin Magazine (@BitcoinMagazine) July 15, 2024
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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