Crypto trading volume surged 19% in July, hitting $4.94 trillion, marking its first increase in four months, according to CCData.
In July, global crypto trading volumes on centralized exchanges rose 19% to $4.94 trillion, marking the first increase in four months, per CCData latest research report. The firm attributes the surge in volume to the launch of spot Ethereum exchange-traded funds in the U.S. and positive sentiment expressed by U.S. political figures at the Bitcoin conference in Nashville, Texas.
Aggregate monthly spot volumes | Source: CCData
The report indicates that both spot and derivatives trading volumes on centralized exchanges saw significant growth, with spot trading volumes rising 14.3% to $1.44 trillion and derivatives trading volumes increasing by 21% to $3.50 trillion. The share of the derivatives market climbed to 70.9%, the highest level since December 2023.
Monthly AA-A spot exchanges volumes | Source: CCData
CCData says Bybit emerged as a top performer in July, with its spot trading volume increasing by nearly 23% to $132 billion, the third-highest monthly volume in the exchange’s history. This boost in trading activity helped Bybit achieve a record market share of 9.18%, cementing its position as the second-largest spot exchange.
Despite this, Binance retained its position as the largest spot exchange with a market share of 28.1%, though this represents a decline of 4.9% from the previous month, the report reads.
In the derivatives market, Binance also maintained its dominance with a 43.5% market share, followed by OKX at 19% and Bybit at 15.1%. The report also highlights a significant spike in volatility in early August, which led to the second-highest daily spot trading volume since May 2021, a time when China’s ban on Bitcoin (BTC) mining disrupted global markets.
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