- Global crypto trading volumes increased by 19% in July, reaching $4.94 trillion across centralized exchanges.
- Derivatives trading dominated, accounting for 70.9% of the total volume with a significant 21% increase.
- Bybit’s spot trading volume rose by 23%, hitting $132 billion, marking its third-highest monthly volume.
Global cryptocurrency trading volumes on centralized exchanges experienced a sharp rise of 19% in July, hitting $4.94 trillion. This revival marked the first significant increase in trading activity in the last four months, signaling a renewed investor interest in both spot and derivatives markets.
Shift in Trading Dynamics
July’s trading dynamics were heavily influenced by a 21% increase in derivatives trading, which totaled $3.50 trillion. This pushed the derivatives market’s share to a new high of 70.9%, the most substantial proportion since the previous year. Spot trading also saw a healthy boost, with volumes rising 14.3% to reach $1.44 trillion.
CCData, a prominent analytics firm, attributed this growth to several factors, including the introduction of spot Ether exchange-traded funds (ETFs) in the United States and an upbeat atmosphere fueled by encouraging remarks from political figures at a major Bitcoin conference in Nashville.
Standout Performers and Market Trends
Bybit emerged as a standout performer in July, with its spot trading volume escalating nearly 23% to reach $132 billion. This achievement not only represented the third-highest monthly volume in Bybit’s history but also increased its market share to a record 9.18%.
Despite Bybit’s impressive gains, Binance continued to lead the spot market with a 28.1% share, although this was a decrease from June. The derivatives market saw Binance maintaining a dominant position with a 43.5% share, followed by OKX and Bybit.
Volatility and Market Sensitivity
The volatility in early August further highlighted the market’s sensitivity, recalling the disruption seen during China’s Bitcoin mining ban in mid-2021. This period saw some of the highest daily trading volumes since May of that year, emphasizing the market’s rapid response capabilities to macroeconomic and regulatory changes.
Additionally, the CME exchange noted a 23.7% increase in trading volume in July, reaching $130 billion. This surge was significantly driven by a record in options trading at $3.69 billion and a strong interest in Bitcoin and Ether futures and options, particularly from institutional investors gearing up for the US launch of spot ETFs..
