First Mover Americas: Cryptocurrency Trading Volumes Increase for First Time in 3 Months
The latest price moves in crypto markets in context for July 5, 2023.
This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..
Crypto trading volumesin June for the first time in three months amid optimism following the filing of spot bitcoin exchange-traded-fund (ETF) proposals by BlackRock and other asset managers. The combined spot and derivative trading volumes on centralized exchanges climbed 14% to $2.71 trillion, according to a report by CCData. This was the first monthly increase in trading volume since March, said the report. Among other high-profile U.S. institutions that filed or refiled last month with the U.S. Securities and Exchange Commission (SEC) for spot bitcoin ETFs were Fidelity, Invesco and WisdomTree.
Bitcoin's fortune is no tied to movement in the U.S. stock markets. The 90-day rolling correlation of changes in bitcoin's spo t price to changes in Wall Street's tech-heavy equity index, Nasdaq and the broader SP 500 has declined to near zero, the lowest in two years, according to data tracked by crypto derivatives analytics firm Block Scholes. "It [the correlation] is now at the lowest level observed since July 2021, when BTC was between its twin peaks in April and November," Andrew Melville, research analyst at Block Scholes, said in an email.
Binance Australia’s office was searched by that country's financial regulator, the Australian Securities Investments Commission (ASIC), on Tuesday, according to a report in Bloomberg. The story, citing anonymous sources, comes after the company’s derivatives license was canceled in April following an investigation into how it classified clients as professional wholesale investors in order to be saddled fewer regulatory protections than if they were regular retail customers. "We are cooperating with local authorities and Binance is focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner,” a Binance Australia spokesperson told CoinDesk in an e-mailed statement.
- Omkar Godbole
Edited by Stephen Alpher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
As the crypto market recovers in 2025, Digital Asset Treasury (DAT) firms and protocol token buybacks are drawing increasing attention. DAT refers to public companies accumulating crypto assets as part of their treasury. This model enhances shareholder returns through yield and price appreciation, while avoiding the direct risks of holding crypto. Similar to an ETF but more active, DAT structures can generate additional income via staking or lending, driving NAV growth. Protocol token buybacks, such as those seen with HYPE, LINK, and ENA, use protocol revenues to automatically repurchase and burn tokens. This reduces circulating supply and creates a deflationary effect. Key drivers for upside include institutional capital inflows and potential Fed rate cuts, which would stimulate risk assets. Combined with buyback mechanisms that reinforce value capture, these assets are well-positioned to lead in the next market rebound.
Trending news
MoreCrypto prices
More
