Crypto Trading Volume Jumps 19% in July, Reaching $4.94T

In July, global trading volumes for cryptocurrencies on centralized exchanges increased by 19%, reaching $4.94 trillion. This marked the first rise in four months, according to the latest research from CCData, a crypto market researcher and data provider.

According to CCData, the increase is linked to the launch of spot Ethereum exchange-traded funds (ETFs) in the U.S. and positive remarks from U.S. political figures at the Bitcoin conference held in Nashville, Tennessee.

Derivatives Market Share Hits Highest Level

The report shows that both spot and derivatives trading volumes on centralized exchanges grew significantly. Spot trading volumes rose by 14.3%, reaching $1.44 trillion. Meanwhile, derivatives trading volumes grew by 21%, totaling $3.50 trillion. The share of the derivatives market climbed to 70.9%, the highest level since December 2023.

In July, Bybit saw a significant increase in spot trading volume, rising nearly 23% to $132 billion. The surge led to a record market share of 9.18%, making it the second-largest spot exchange.

Meanwhile, Binance kept its position as the largest spot exchange with a 28.1% market share. However, this was a 4.9% drop from the previous month.

Binance continued to lead the derivatives market with a 43.5% market share. OKX followed with a 19% share, and Bybit had 15.1%. The report also noted a significant increase in volatility in early August. This led to the second-highest daily spot trading volume since May 2021, when China’s Bitcoin mining ban affected global markets.

Whales Accumulate BTC and ETH After a Dip

In other news, CoinTab reported that large holders, or “whales,” have been accumulating Bitcoin and Ethereum. Whales bought over 30,000 BTC, worth about $1.62 billion, within 48 hours after a market dip on August 5, when Bitcoin’s price fell to $49,800. Additionally, Ethereum whales accumulated over $331 million worth of ETH during the same period.

However, while accumulation itself doesn’t directly increase trading volume, it could create conditions that lead to higher trading activity as market participants react to the movements and influence of large holders.