Key Points
- Crypto trading volume experienced a 19% increase in July, hitting $4.94 trillion.
- The surge in volume is attributed to the launch of Ethereum ETFs in the U.S. and positive sentiment from U.S. political figures.
In July, the worldwide trading volumes of cryptocurrencies on centralized exchanges witnessed a 19% increase, reaching $4.94 trillion. This marks the first increase in the past four months. The increase in volume is linked to the introduction of spot Ethereum exchange-traded funds in the U.S. and the positive sentiment expressed by U.S. political figures at a Bitcoin conference in Nashville, Texas.
Spot and Derivatives Trading Volumes Increase
The research report indicates that both spot and derivatives trading volumes on centralized exchanges experienced significant growth. Spot trading volumes rose 14.3% to $1.44 trillion, and derivatives trading volumes increased by 21% to $3.50 trillion. The derivatives market’s share climbed to 70.9%, the highest level since December 2023.
Bybit emerged as a top performer in July, with its spot trading volume increasing by nearly 23% to $132 billion. This is the third-highest monthly volume in the exchange’s history. This increase in trading activity helped Bybit attain a record market share of 9.18%, securing its position as the second-largest spot exchange.
Binance Retains Dominance
Despite this, Binance maintained its position as the largest spot exchange with a market share of 28.1%. However, this represents a 4.9% decline from the previous month. In the derivatives market, Binance also held its dominance with a 43.5% market share, followed by OKX at 19% and Bybit at 15.1%. The report also notes a significant increase in volatility in early August, which resulted in the second-highest daily spot trading volume since May 2021. This was a period when China’s ban on Bitcoin (BTC) mining disrupted global markets.
