Global crypto trading volumes on centralized exchanges surged by 19% in July, reaching $4.94 trillion, marking the first increase in trading volumes in four months. According to the latest research report from CCData, spot trading volumes rose by 14.3%, totaling $1.44 trillion, while derivatives trading volumes increased by 21%, reaching $3.50 trillion. The derivatives market share climbed to 70.9%, the highest level since December 2023.
Several factors contributed to the uptick in trading volume, including the launch of spot Ether exchange-traded funds (ETFs) in the United States and positive sentiment from US political figures at the Bitcoin conference in Nashville, Tennessee.
Bybit emerged as a standout performer in July, with its spot trading volume increasing by nearly 23% to $132 billion, representing the third-highest monthly volume in the exchange’s history and boosting its market share to a record 9.18%. Despite Bybit’s strong performance, Binance retained its status as the most popular spot exchange, with a market share of 28.1%, though this was a decline of 4.9% from June.
In the derivatives market, Binance maintained its dominance with a 43.5% market share, followed by OKX at 19% and Bybit at 15.1%. CCData’s analysts noted a significant spike in volatility in early August, leading to the second-highest daily spot trading volume since May 2021. This period of heightened trading activity was reminiscent of the market disruption caused by China’s ban on Bitcoin mining in mid-2021.
The recent surge in trading volumes underscores the crypto market’s sensitivity to regulatory and macroeconomic factors and its capacity for rapid recovery and growth. In July, the CME exchange’s trading volume rose 23.7% to $130 billion, with a record $3.69 billion options trading and substantial gains in Bitcoin and ETH futures and options, driven by institutional interest in ETH ahead of the US spot ETFs launch on July 23.