Crypto Trading Volume Up 20% in July

In a notable shift, global crypto trading volumes on centralized exchanges jumped by 19% in July, reaching $4.94 trillion. This marks the first increase in trading volumes in four months.

The latest research report from CCData reveals that spot trading volumes grew by 14.3%, amounting to $1.44 trillion, while derivatives trading volumes surged by 21%, totaling $3.50 trillion.

The share of the derivatives market rose to 70.9%, the highest level since December 2023.

Several factors contributed to this rise in trading volume, including the introduction of spot Ethereum exchange-traded funds (ETFs) in the United States and positive sentiment from U.S. political figures at the Bitcoin conference in Nashville, Tennessee.

CCData’s report also highlights Bybit as a standout performer in July, with its spot trading volume increasing by nearly 23% to $132 billion.

This represents the third-highest monthly volume in Bybit’s history, boosting its market share to a record 9.18%.

Despite Bybit’s strong performance, Binance remained the leading spot exchange, holding a 28.1% market share, though this was a 4.9% decrease from June.

In the derivatives market, Binance continued to dominate with a 43.5% market share, followed by OKX at 19% and Bybit at 15.1%.

CCData’s analysts also observed a significant spike in volatility in early August, resulting in the second-highest daily spot trading volume since May 2021.

This surge in trading activity was reminiscent of the market turbulence caused by China’s ban on Bitcoin mining in mid-2021.

The recent increase in trading volumes highlights the crypto market’s responsiveness to regulatory and macroeconomic factors, as well as its ability to quickly recover and grow.

In July, CME exchange’s trading volume increased by 23.7% to $130 billion, with a record $3.69 billion in options trading and significant gains in Bitcoin and ETH futures and options, fueled by institutional interest in ETH ahead of the U.S. spot ETFs launch on July 23.

Sources:

https://cointelegraph.com/news/crypto-trading-volume-surges-19-percent-july

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