📈 Cryptocurrency Trading Volumes Up 19% in July 🚀
In a notable turnaround, global cryptocurrency trading volumes 🌍 experienced a 19% increase in July, reaching $4.94 trillion 💰.
Spot trading volumes rose 14.3%, totaling $1.44 trillion, while derivatives volumes grew 21%, reaching $3.50 trillion.
The latter segment, which dominated the market with a 70.9% share, recorded its highest level since December 2023 📊.
The surge in trading volumes is attributed to several factors, such as the launch of $ETH ETFs in the United States 🇺🇸 and positive sentiment generated by political leaders at the Bitcoin conference in Nashville.
💼 Bybit and Binance: Key Players in the Market
In July, Bybit stood out with a 23% increase in its spot trading volume, reaching $132 billion 📈, its third-highest monthly volume in history. This figure raised its market share to a record 9.18%. However, Binance maintained its lead as the most popular exchange in the spot market, with a 28.1% market share, despite a slight decline of 4.9% since June.
In the derivatives market, Binance also led with a 43.5% share, followed by OKX with 19% and Bybit with 15.1%. Rising volatility in early August, which resulted in the second-highest daily spot trading volume since May 2021, highlighted the market's ability to react and recover quickly to regulatory and macroeconomic factors.
🏦 Institutional Interest and Growth on the CME
Trading volume on the CME exchange also increased by 23.7% in July, reaching USD 130 billion. This growth was driven by a record USD 3.69 billion in options trading and a significant increase in futures and options of $BTC and $ETH
