The total
volumes generated from spot and derivatives trading activities on centralized
exchanges (CEXs) slumped by 12% to $2.36 trillion in July, hitting the lowest
monthly trading volume recorded this year, so far. The figures are based on the latest exchange review report by CCData, a digital assets data provider.
Specifically,
spot trading volume sank by 10.5% to $515 billion, the second-lowest
volume generated since March 2019. Similarly, crypto exchanges generated the second-lowest
derivatives volumes posted since December 2020. This is even as the value of trading activities went down by 12.7%
to $1.85 trillion.
In June, aggregate volumes
from both activities jumped by 14.2% for the first time in three
months, hitting $2.71 trillion. The bullish trend came amidst a new wave of
applications for spot
Bitcoin exchange-traded funds by institutional investors, Finance Magnates reported.
However,
volumes slowed down again in July, returning to record lows seen in the past
few months. CCData attributed the decline to insufficient volatility in the crypto market.
“The
decrease in trading volumes can be attributed to the lack of volatility in the
price action of major crypto assets, with Bitcoin and Ethereum trading in a
narrow range throughout July,” CCData explained.
Upbit Outtrades
OKX and Coinbase
Meanwhile,
in July, the market share of Binance continued to shrink, falling for the fifth
consecutive month to 40.4%. The decline persists as the crypto exchange
continues to battle regulatory opposition in several
jurisdictions,
particularly in the United States where federal prosecutors are now contemplating hitting
the exchange with criminal
charges.
However,
with $208 billion in total spot trading volume, Binance remains the biggest
crypto exchange in the world. In fact, the exchange Chinese users recently traded more than $90
billion in a single month, defying the ban on crypto
trading in the Asian country.
On the other hand, South Korea-based crypto exchange, Upbit, pulled off an upset last month,
beating top exchanges such as OKX and Coinbase to claim the position of
second-largest exchange by trading volume after Binance. While Upbit’s spot
trading volume surged by 42.3% to $29.8 billion in July, OKX and Coinbase saw
their volumes plummet by 11.6% and 5.75% to $28.6 billion and $29 billion,
respectively.
“Compared
to last month, Upbit saw the largest increase in market share, with the
exchange now accounting for 5.78% of the trading volumes on centralised
exchanges,” CCData elaborated. “Huobi Global and Kucoin also increased their
market share by trading volume, rising 1.92% and 0.47% to 3.84% and 2.21%
respectively.”
Acuity unveils ‘NewsIQ’; Spectrum Markets appoints compliance head; read today’s news nuggets.
The total
volumes generated from spot and derivatives trading activities on centralized
exchanges (CEXs) slumped by 12% to $2.36 trillion in July, hitting the lowest
monthly trading volume recorded this year, so far. The figures are based on the latest exchange review report by CCData, a digital assets data provider.
Specifically,
spot trading volume sank by 10.5% to $515 billion, the second-lowest
volume generated since March 2019. Similarly, crypto exchanges generated the second-lowest
derivatives volumes posted since December 2020. This is even as the value of trading activities went down by 12.7%
to $1.85 trillion.
In June, aggregate volumes
from both activities jumped by 14.2% for the first time in three
months, hitting $2.71 trillion. The bullish trend came amidst a new wave of
applications for spot
Bitcoin exchange-traded funds by institutional investors, Finance Magnates reported.
However,
volumes slowed down again in July, returning to record lows seen in the past
few months. CCData attributed the decline to insufficient volatility in the crypto market.
“The
decrease in trading volumes can be attributed to the lack of volatility in the
price action of major crypto assets, with Bitcoin and Ethereum trading in a
narrow range throughout July,” CCData explained.
Upbit Outtrades
OKX and Coinbase
Meanwhile,
in July, the market share of Binance continued to shrink, falling for the fifth
consecutive month to 40.4%. The decline persists as the crypto exchange
continues to battle regulatory opposition in several
jurisdictions,
particularly in the United States where federal prosecutors are now contemplating hitting
the exchange with criminal
charges.
However,
with $208 billion in total spot trading volume, Binance remains the biggest
crypto exchange in the world. In fact, the exchange Chinese users recently traded more than $90
billion in a single month, defying the ban on crypto
trading in the Asian country.
On the other hand, South Korea-based crypto exchange, Upbit, pulled off an upset last month,
beating top exchanges such as OKX and Coinbase to claim the position of
second-largest exchange by trading volume after Binance. While Upbit’s spot
trading volume surged by 42.3% to $29.8 billion in July, OKX and Coinbase saw
their volumes plummet by 11.6% and 5.75% to $28.6 billion and $29 billion,
respectively.
“Compared
to last month, Upbit saw the largest increase in market share, with the
exchange now accounting for 5.78% of the trading volumes on centralised
exchanges,” CCData elaborated. “Huobi Global and Kucoin also increased their
market share by trading volume, rising 1.92% and 0.47% to 3.84% and 2.21%
respectively.”
Acuity unveils ‘NewsIQ’; Spectrum Markets appoints compliance head; read today’s news nuggets.
