🚀 1-year trading volume across crypto CEXes reached $80 trillion; JP Morgan plans to offer clients the option to use crypto ETFs as collateral for loans

1-year trading volume across crypto CEXes reached $80 trillion.JP Morgan plans to offer clients the option to use crypto ETFs as collateral for loans.

Quick Take

• The total trading volume across crypto centralised exchanges (CEX) from May 2024 to April 2025 reached $80 trillion.
• US spot bitcoin ETFs had a net outflow of $132 million last week compared to $67 million the week before. Spot ether ETFs saw a net inflow of $281 million last week, marking 15 consecutive days of net inflows. 
• On the macro side, US nonfarm payrolls increased by 139,000 in May, above the Dow Jones estimate of 125,000. The latest CME FedWatch Tool showed a 0% probability of a June rate cut in the US compared to 5% last week. The European Central Bank (ECB) lowered marginal lending facility rates by 0.25% to 2.4%. President Lagarde mentioned that the euro was in a “good position” with the current rate path. 
• Notable updates: Circle is now listed on the New York Stock Exchange under the ticker, ‘CRCL’; Phase 2 of the Maker (MKR) to Sky (SKY) upgrade was executed; the Crypto.com App listed Subsquid (SQD).
• Notable events in the coming week: US Consumer and Producer Price Index, China Consumer Price Index

Weekly Market Index

Price index increased by +1.11%, while volume and volatility indices were down by -9.68% and -34.76%, respectively. 

Prices fluctuated before ending the week with a slight increase. US President Donald Trump mentioned that talks with China’s leader Xi Jinping last week on trade had a “very positive conclusion”, as the two countries are set to resume discussions on Monday. 

Additionally, among the large market cap tokens, XRP led the price increase (+2.92%) and volatility (+22.57%), which coincided with Dubai’s regulator approving Ripple’s RLUSD stablecoin. This approval allows Dubai International Financial Centre (DIFC) companies to use the stablecoin for payments, treasury management, and more.

Chart of the Week

The total trading volume across centralised crypto exchanges from May 2024 to April 2025 reached $80 trillion, with derivatives markets driving the surge, according to CCData’s Exchange Review. The markets have seen a shift in regimes, with increased responsiveness to macro-political events and ETF flows. Despite a recent cooldown, derivatives volumes remain elevated, hinting at potential renewed speculative surges.

Weekly Performance

XRP (+2.9%) took the lead in price increase last week, coinciding with Dubai’s regulator approving Ripple’s RLUSD stablecoin. BTC and ETH decreased by -0.2% and -3.9%, respectively. 

All key categories decreased in market capitalisation in the past seven days except the Gaming category.

Notable Updates

Newly Listed Tokens in Crypto.com App

News Highlights

Crypto.com / Cronos News

• BTCS Inc. (Nasdaq: BTCS), a blockchain technology-focused company, used the Crypto.com Exchange to acquire 1,000 ETH for ~$2.63 million. As of 2 June, BTCS holds approximately 13,500 ETH, up from 9,063 ETH at the end of Q1 this year.

Adoption

• JP Morgan plans to offer trading and wealth management clients the option to use crypto ETFs as collateral for loans, starting with BlackRock’s iShares Bitcoin Trust ETF (IBIT). Additionally, the bank will also consider crypto holdings when assessing net worth. 
• The US state of California’s State Assembly passed a bill that will require the Department of Financial Protection and Innovation to develop rules to allow state fees and transactions to be paid in crypto. The bill is passed to the Senate. 
• Deutsche Bank is considering issuing its own stablecoin or joining a broader industry initiative. Additionally, it is looking into a tokenised deposit system to make payments more efficient. 
• Apple, X, Airbnb, and Google are in early talks with crypto firms to adopt stablecoins to reduce transaction costs and enable cheaper international payments. This came after Meta and Uber were reportedly considering the adoption of USD-pegged assets for transactions. 

Investment Vehicles

• Trump Media and Technology Group, which is majority-owned by US President Donald Trump, filed with the US Securities and Exchange Commission (SEC) to launch a Truth Social Bitcoin ETF. This came after NYSE Arca submitted a proposal to list the ETF on behalf of crypto asset manager Yorkville America Digital. If approved, the Truth Social Bitcoin ETF will designate Crypto.com as its exclusive custodian, prime execution agent, and liquidity provider.
• Russia’s largest stock exchange, Moscow Exchange (MOEX), launched futures trading for BlackRock’s IBIT, available exclusively for accredited investors. This came after the Bank of Russia authorised financial institutions to offer crypto products to qualified investors last month.  
• ARK 21Shares Bitcoin ETF (ARKB) will undergo a three-for-one share split expected on 16 June to make the shares more accessible to retail investors. The ETF’s investment strategy and holdings will not change as a result of this share split. 

Regulation

• Hong Kong aims to introduce digital asset derivatives trading for professional investors, as part of the plan to expand its digital asset product offerings. Risk management will be prioritised, with trades conducted in a transparent and secure manner. 
• UK’s Financial Conduct Authority (FCA) proposed lifting the ban to allow the offering of crypto exchange-traded notes (ETNs) to retail investors, if they list on FCA-approved exchanges. This aims to boost the UK’s competitiveness in the crypto space. 
• The Monetary Authority of Singapore mentioned that starting 30 June, crypto companies providing “services solely to customers outside of Singapore relating to digital payment tokens and tokens of capital market products” will need to be licensed. 

Recent Research Reports

• Interest Rate Derivatives and Pendle: Pendle Finance innovates by allowing users to tokenise and trade the yield component of yield-bearing assets separately from the principal, unlocking new liquidity and yield management strategies.
• Crypto Options: Crypto options are similar to traditional finance (TradFi) options, except the underlying assets are crypto or crypto-related contracts. Compared to the crypto spot and futures markets, crypto options still represent a small but growing market.
• Wall Street On-Chain Part 3: Trading & Liquidity: This report compares liquidity between popular TradFi assets and major crypto assets, and delves into the development of crypto exchanges.

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