The last three months have brought much pain to a cryptocurrency segment seriously damaged by regulatory scrutiny and the banking sphere collapse in the U.S. However, the June 2023 micro-rally gives bulls some hope, new Kaiko research says.All top-league centralized cryptocurrency exchanges closed Q2, 2023, with a painful plunge in spot trading volume. The world's largest exchange, Binance , predictably suffered the most: 70% of its aggregated spot trading volume across all pairs vanished.
At the same time, amid the mania gaining steam about the potential launch of spot Bitcoin ETFs by asset management giants, the trading activity increased on spot Bitcoin ETF products. ProShares Bitcoin Strategy fund registered $500 million plus daily trading volume for the fifth time in its history.The situation in the altcoin segment also looks sad for cryptocurrency bulls.
While almost all major categories of tokens closed Q2, 2023, in the red, core governance assets of second-layer solutions for Ethereum are the worst performers.At the same time, the BTC+ETH portfolio is one of the rare baskets that managed to close both Q1 and Q2 with positive growth, Kaiko noticed.