The cryptocurrency market recorded an upturn in trading volumes for the first time in a three-month in June.

According to the “Exchange Review” report shared by CCData on July 5th, in June, a 14% surge in the combined spot and derivative trading volumes on centralized exchanges was witnessed, reaching $2.71 trillion. The increase was noticed for the first time since March.

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It is believed that the increase is linked to the enthusiasm around spot Bitcoin ETFs after several financial institutions submitted their ETF applications. In particular, spot Bitcoin ETF applications were submitted by Fidelity, BlackRock, and WisdomTree.

On top of that, CCData claimed that the US Securities and Exchange Commission’s actions against Coinbase and Binance have also played a role in the increase.

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, have contributed to an increase in trading activity last month.

However, despite this revival, spot trading volumes persist at an all-time low. The report indicates that Q2’s spot trading volume was at its lowest point since Q4 2019.

The derivatives market also presented interesting shifts. In June, there was a 14% rise in derivatives trading volumes, representing a dominant 78.7% of the entire crypto market. However, the measure saw a slight decline from 79.1% in May, marking the first contraction in the derivatives market share in four months.

Furthermore, the report revealed an impressive 23.6% leap in total derivatives volume traded on the Chicago Mercantile Exchange (CME), amounting to $48.3 billion. The report added:

Institutional interest was particularly prevalent in the BTC futures, with the volumes rising 28.6% to $37.9bn, the highest volume traded on the exchange since November 2021.

June’s optimistic turn in crypto trading volumes is a testament to the mounting institutional interest in cryptocurrencies, notably Bitcoin ETFs.

In other news, June witnessed a noticeable decrease in the volume of Bitcoin (BTC) and Ether (ETH) held on cryptocurrency exchanges.