In July, the global cryptocurrency trading volume on centralized exchanges increased by 19%, reaching $4.94 trillion.
This marks the first increase in trading volumes in four months, CCData reported.
Increase in cryptocurrency trading volume
CC Data noted that the increase in trading volume is due to the launch of Ethereum exchange-traded funds in the US and positive sentiment from local political figures at the Bitcoin conference in Nashville, Texas.
The report highlights significant growth in both spot and derivatives trading volumes on centralized exchanges. Spot trading volumes increased by 14.3% to $1.44 trillion, while derivatives trading volumes grew by 21% to $3.50 trillion. In addition, the market share of derivatives increased to 70.9%, marking its highest level since December 2023.
CCData reports that Bybit He stood out In July, its spot trading volume rose nearly 23% to $132 billion, marking the third-highest monthly volume in the exchange’s history.
This surge in trading activity allowed Bybit to reach a record market share of 9.18% and become the second-largest spot exchange.
Binance maintains market leadership
Despite Bybit’s strong performance, Binance maintained its position as the largest spot exchange, with a market share of 28.1%. However, as noted in the report, this represents a 4.9% decrease from the previous month.
According to CCData, there was a notable increase in early August increase in volatility, resulting in the second-highest daily spot trading volume since May 2021, a period marked by China’s crackdown on Bitcoin mining, which impacted global markets.
In the derivatives market, Binance led with a 43.5% market share, followed by OKX at 19% and Bybit at 15.1%. Coinbase International and Crypto.com stood out as the best-performing derivatives exchanges in terms of month-over-month growth, with volumes soaring 181% to $28.3 billion and 102% to $75.6 billion, respectively.
Bybit and Crypto.com saw The largest market share gains were 1.16% and 0.87%, respectively. In contrast, Binance and Kraken suffered the most significant declines, with the former down 3.24% and the latter down 0.09%.
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