​Cryptocurrency trading volumes up amid optimism due to BlackR | Global CRYPTO News

​Cryptocurrency trading volumes up amid optimism due to BlackRock Bitcoin ETF

Despite this, turnover on spot and derivatives trading on centralized exchanges remains at a minimum over the past 3.5 years
Cryptocurrency trading volumes rose in June for the first time in three months. The optimism of crypto traders is associated with the filing of an application by the BlackRock management company to open a bitcoin exchange-traded fund (ETF), Coindesk reports, citing CCData data.

The total volume of spot and derivatives trading on centralized exchanges rose by 14% to $2.71 trillion, according to the company's report.

“Increased volatility following the SEC lawsuit against Binance US and Coinbase, as well as a positive outlook in the market after the filing of spot Bitcoin ETFs by companies such as BlackRock and Fidelity, contributed to increased trading activity last month,” CCData explained.

Spot trading volumes remain at historically low levels, the second quarter being the lowest since the fourth quarter of 2019.

One of the largest investment companies in the world, BlackRock, is about to launch an exchange traded fund (ETF) for bitcoin. This is an important move for the market due to the reach of BlackRock, and also because the fund will allow investors to buy bitcoin in the form of ETF shares from a regular brokerage account.

In a filing with the U.S. Securities and Exchange Commission (SEC), the company is asking to be allowed to trade cryptocurrencies through the iShares Bitcoin Trust mechanism. This will be a spot fund, that is, when buying its shares, the actual purchase of coins on the market will be carried out. In addition, it will make it easier for institutional investors, including pension funds, to own cryptocurrencies. As of the end of March, BlackRock had over $9 trillion under management.