With both spot and derivatives trading showing robust growth, exchanges like Bybit and Binance continue to play pivotal roles in facilitating this activity.
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 trading volumes rose by 14.3%, totaling $1.44 trillion, while derivatives trading volumes saw an 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.
The report cites several factors for the uptick in trading volume, including the launch of spot Ether
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exchange-traded funds (ETFs) in the United States and positive sentiment from US political figures at the Bitcoin conference in Nashville, Tennessee.
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%.
Binance maintains lead in spot
Despite Bybit’s strong performance, Binance retained its status as the most popular spot exchange, with a market share of 28.1%. However, Binance’s market share declined 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 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 $130 billion, with a $3.69 billion record options trading and substantial gains in Bitcoin
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and ETH futures and options, driven by institutional interest in ETH ahead of the US spot ETFs launch on July 23.