Over the past month, the daily trading volume of crypto exchanges has rebounded to $19.5 billion, an increase of nearly 80%.

According to The Block, Devin Ryan, an analyst at stock research firm JMP, said that trading volume on cryptocurrency exchanges is recovering, driven by institutions.
Data shows that daily exchange trading volume (seven-day moving average) has risen sharply over the past month, climbing from $11 billion on May 26 to nearly $19.5 billion on June 26, but is still a long way from the peak of more than $150 billion in the previous crypto bull cycle.
Devin Ryan attributed the recent increase in trading volume to institutional entry. He said: "We believe that the increase in (cryptocurrency exchange) trading volume in the week ending June 24, accompanied by a 12% increase in the total market value of cryptocurrencies, may be attributed to some momentum after BlackRock submitted its spot Bitcoin ETF application to the US SEC." After BlackRock, many giants such as Invesco and Fidelity have followed suit.
In addition, LMAX Digital, which caters to institutional clients, had total notional volume of $415 million on Monday, 15% above its 30-day average.