Crypto trading volumes surge 19% in July, hitting $4.94 trillion

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

According to the latest research report from CCData, spot and derivatives trading volumes on centralized exchanges experienced substantial growth. Spot trading volumes rose by 14.3%, totaling $1.44 trillion, while derivatives trading volumes saw a more pronounced increase of 21%, reaching $3.50 trillion.

Derivatives dominate

The share of the derivatives market climbed to 70.9%, the highest level recorded since December 2023. This highlights the growing prominence of derivatives in the overall crypto trading landscape.

The report reveals that this uptick is due to several factors, including the launch of spot Ethereum exchange-traded funds (ETFs) in the United States and positive sentiment from US political figures at the Bitcoin conference in Nashville, Texas.

However, CCData’s report highlights Bybit as a standout performer in July. The exchange’s spot trading volume increased by nearly 23%, reaching $132 billion. This figure represents the third-highest monthly volume in Bybit’s history, boosting its market share to a record 9.18%.

This performance solidified Bybit’s position as the second-largest spot exchange, reflecting its growing influence in crypto trading.

Binance maintains lead in spot

Despite Bybit’s strong performance, Binance retained its status as the most prominent spot exchange, holding a market share of 28.1%. However, this represents a decline of 4.9% from the previous month, indicating a slight shift in market dynamics.

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 also noted a significant spike in volatility in early August, which led 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 $130bn, with a $3.69bn record options trading and substantial gains in BTC and ETH futures and options, driven by institutional interest in ETH ahead of the US spot ETF launch.