In a significant shift for the cryptocurrency market, global trading volumes on centralized exchanges surged by 19% in July, reaching $4.94 trillion. This marks the first increase in trading volume in four months, according to the latest report from CCData.
The research attributes the rise in volume to several key factors, including the launch 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, Texas.
Both spot and derivatives trading on centralized exchanges experienced notable growth. Spot trading volumes increased by 14.3%, reaching $1.44 trillion, while derivatives trading volumes saw a 21% rise, hitting $3.50 trillion. The derivatives market share climbed to 70.9%, its highest level since December 2023.
One of the standout performers in July was Bybit, which saw its spot trading volume jump by nearly 23% to $132 billion—the third-highest monthly volume in the exchange’s history. This surge propelled Bybit to a record market share of 9.18%, solidifying its position as the second-largest spot exchange globally.
Despite this, Binance remained the largest spot exchange, holding a market share of 28.1%. However, this represents a decline of 4.9% compared to the previous month. In the derivatives market, Binance maintained its dominance with a 43.5% market share, followed by OKX at 19% and Bybit at 15.1%.
The report also noted a significant spike in market volatility in early August, leading to the second-highest daily spot trading volume since May 2021, when China’s Bitcoin mining ban caused widespread disruption in global markets.
This resurgence in trading activity after a prolonged slump indicates renewed interest and optimism in the cryptocurrency market, driven by strategic developments and growing institutional interest.
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