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Spot trading volume on centralized exchanges increased by 16.4% in June, hitting $575 billion.

The increase marked the first rise in three months, according to Wednesday’s CCData’s Monthly Exchange Review. The combined trading volume of spots and derivatives on centralized exchanges rose 14.2% to $2.7 trillion in June.

“The increase in volatility following the SEC’s lawsuit against Binance.US and Coinbase, and the positive outlook in the market following the filing of spot Bitcoin ETFs by the likes of BlackRock and Fidelity, contributed to an increase in trading activity last month,” the report stated.

Binance losing market share

For the fourth month in a row, Binance’s spot trading market share dropped, hitting 41.6% in June, its lowest point since August 2022, the report claimed. Binance’s derivatives market share also took a hit, falling to 56.8% in June, its lowest point since October 2022.

Although Binance still dominates as the leading platform for crypto derivatives trading, OKX observed its trading volumes rose by 44.9% to $416 billion in June, now holding 19.5% of the derivatives trading market — a record high not seen since April 2022.

In the U.S., Coinbase dominates, holding 61% of Bitcoin trading volumes. However, U.S. exchanges only account for 9.49% of total global BTC trading volumes, meaning Coinbase contributes only 5.83% of global BTC trade volume.

In June, derivatives volume on the CME exchange increased, jumping 23.6% to $48.3 billion. BTC futures attracted major interest, with volumes surging 28.6% to $37.9 billion. ETH futures trade volume also rose 9.93% to $8.91 billion.

“The increase in BTC futures volume over the last couple of months highlights the heightened trading activity by institutional entities as the markets speculate over the SEC’s decision on the multiple spot Bitcoin ETFs filings, ” the report added.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The latest price moves in bitcoin (BTC) and crypto markets in context for July 5, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

Value locked on the liquid staking derivatives platform has grown nearly tenfold this year.

Danish bank Saxo has been ordered by Denmark’s financial regulator to shed its own holdings of cryptoassets.

Even so, spot trading volumes are at historically low levels.

Crypto exchange Binance is suspending support for deposits and withdrawals of several cross-chain bridge tokens tied to the Multichain project.

The suspension, set to start on July 7, will remain in place on Binance.com until further notice, as stated in an announcement. The suspension includes an array of tokens minted on Multichain across different networks. It particularly impacts tokens deployed on BNB Smart Chain, including tokens such as Polkastarter (POLS), Alchemy Pay (ACH), and Beefy.Finance (BIFI) and Harvest Finance (FARM).

Tokens minted through the bridge on Fantom, including Beefy.Finance (BIFI) and Alpaca Finance (ALPACA), are also part of the affected list. Travala (AVA), a token minted on Ethereum’s bridge, was also included.

Binance has not specified the reason for suspending assets tied to the Multichain bridge. The exchange merely noted that this is a follow-up to a previous action taken against Multichain on May 24. At the time, Binance temporarily suspended support for deposits of some tokens transferred via Multichain, citing complications with the Multichain protocol. 

Despite the ongoing suspension related to the Multichain project, Binance maintains that its users can continue to deposit and withdraw the impacted tokens through other networks supported by the exchange. This means those assets can proceed uninterrupted, provided they do not involve the Multichain project.

The Multichain bridge currently oversees over $1.3 billion in assets minted through its cross-chain platform. This includes $698 million minted on Ethereum, $339 million on BNB Smart Chain, and $92 million on Fantom, per DeFiLlama data.

Multichain’s technical issues in May

In May, the Multichain project experienced difficulties with processing bridge transfers, resulting in numerous stuck transactions. Several pathways of Multichain’s cross-chain bridge, including Kava, zkSync, and Polygon zkEVM, were not operational during the crisis.

Initially, the Multichain team ascribed the problem to technical hiccups. However, later they clarified that while most bridge routes were functioning as expected, a few remained non-operational due to reasons categorized under the broader term, “force majeure.” The project later admitted that it couldn’t contact Multichain CEO Zhaojun — seemingly confirming rumors that he was detained by Chinese police and had partial control over the project’s upgrade functions. As of now, the platform’s bridge routes appear to have returned to their normal functioning state.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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