In July, global crypto trading volume on centralized exchanges surged by 19%, reaching $4.94 trillion.
This marks the first increase in trading volumes in four months, as reported by CCData.
Crypto Trading Volume Surge
CCData noted that the increase in trading volume is due to the launch of spot Ethereum exchange-traded funds in the U.S. and the 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. Additionally, the derivatives market share rose to 70.9%, marking its highest level since December 2023.
CCData reports that Bybit stood out in July, with its spot trading volume surging by nearly 23% to $132 billion, marking the third-highest monthly volume in the exchange’s history.
This surge in trading activity enabled Bybit to achieve a record market share of 9.18% and become the second-largest spot exchange.
Binance Maintains Market Leadership
Despite Bybit’s strong performance, Binance retained its position as the largest spot exchange, with a market share of 28.1%. However, as noted in the report, this represents a decline of 4.9% from the previous month.
According to CCData, early August experienced a notable 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 affected 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 top performers among derivatives exchanges regarding month-on-month growth, with their volumes soaring by 181% to $28.3 billion and 102% to $75.6 billion, respectively.
Bybit and Crypto.com saw the largest market share gains, with increases of 1.16% and 0.87%, respectively. In contrast, Binance and Kraken faced the most significant declines, with the former dropping by 3.24% and the latter by 0.09%.
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