According to a recent report by Finery Markets on July 22, the institutional cryptocurrency market experienced significant growth in the first half of 2024, with total spot trading volume soaring 95% year-on-year.

The report points out that the first half of 2024 is a critical period for institutional adoption of cryptocurrencies. The rise of Bitcoin and the launch of Bitcoin ETFs have stimulated higher institutional participation; Ethereum (ETH) trading volume increased by 32% compared with the same period in 2023, and the approval of ETH ETF is expected to further promote market activity; VanEck's application for Solana ETF highlights the trend of diversification of cryptocurrency investment tools.

Despite low institutional participation, some altcoins such as TRX and BNB showed significant growth, with spot trading volumes increasing by 202% and 129% year-over-year, respectively. Conversely, Ripple (XRP) saw a year-over-year decline of 18%.