Despite the recent surge in the price of bitcoin fueled by the prospect of a spot bitcoin exchange-traded fund, data from The Block Research shows that there has been a decline in daily crypto exchange volumes. The seven day moving average for daily crypto exchange volumes has dropped from a high of $19.4 billion on June 27 to $14.2 billion on July 8. This could suggest that trading activity has shifted to derivatives or off-exchange. However, the price of bitcoin has remained relatively stable during this time period. Meanwhile, CME's bitcoin futures market has seen a surge in open interest, reaching $2.7 billion.
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