Spot crypto exchange volumes trending lower

Exchanges • July 9, 2023, 5:31PM EDT
UPDATED: July 9, 2023, 5:35PM EDT
The Block

Quick Take

  • The seven day moving average for daily spot crypto exchange volumes has declined from a recent high of $19.4 billion on June 27 to $14.2 billion on July 8.

The spot bitcoin exchange-traded fund-fueled rally has stopped translating into increasing crypto exchange volumes, data from The Block Research shows. 

The seven day moving average for daily crypto exchange volumes has declined from a recent high of $19.4 billion on June 27 to $14.2 billion on July 8, according to The Block's data dashboard. It was slightly over $15 billion on Friday. 

The price of bitcoin, meanwhile, is relatively flat over the same time period. The sluggish activity in spot exchange crypto trading could suggest that activity has moved into derivatives or off-exchange. Since BlackRock submitted its filing for a spot bitcoin ETF on June 15, the price of bitcoin has appreciated by more than 18%.

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Meanwhile, CME's bitcoin futures market has seen open interest surge, with the metric hitting $2.7 billion at the time of writing. 

 


© 2023 The Block. 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.

About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].