Over the past week, the volume of trading on centralized cryptocurrency exchanges has increased significantly. Analysts attribute this to BlackRock’s bid for a spot crypto ETF.
Average trading volume on CeFi rose from $11 billion on May 26 to $19.5 billion on June 26. However, trading volumes are well below record levels — in 2021, during Bitcoin’s bull cycle, the figure exceeded $150 billion per day.
“We believe that the surge in trading volume over the past week, which was accompanied by a 12% increase in crypto market capitalization, seems to be explained by the hype after BlackRock’s application to launch a spot bitcoin ETF,” said JMP analyst Devin Ryan.
The analyst notes that the volume of trading is mainly increased by institutional investors. For example, on the LMAX Digital site, which serves only institutional customers, the indicator increased by 15%.
It has recently been reported that US users find decentralized finance applications too complex.