Despite facing lawsuits, Binance and Coinbase have seen a 16.4% increase in spot trading volumes on crypto exchanges, reaching their highest level in three months. However, overall exchange volumes remain low, with Binance's share dropping to 41.6%.

The increase in spot trading volume can be attributed to several Wall Street firms filing Bitcoin spot exchange-traded fund (ETF) applications with the US Securities and Exchange Commission (SEC) in recent weeks.

While trading volumes for Bitcoin futures rose 24% in June, individual exchanges have experienced dropoffs in market share, with Binance's recent dropoff in spot volumes potentially starting after it rescinded a zero-fee trading promotion in March.