Trading volumes on the 15 largest centralized cryptocurrency exchanges (CEX) increased by 19% in July. The strongest growth was seen in the derivatives sector.
According to the latest CCData report, the total spot and derivatives trading volume on CEXs in July this year increased by 19% and reached $4.94 trillion. This is the first time in the last four months that the indicators showed growth.
The volume of spot trading on CEXs grew by 14.3% to $1.44 trillion over the month, while the volume of derivatives trading increased by 21% to $3.50 trillion over the same period. Analysts noted that the share of derivatives in the market reached 70.9%, the highest since December 2023.
Analysts cited the launch of spot Ethereum ETFs in the United States and positive statements by U.S. politicians regarding Bitcoin as key factors contributing to the growth in trading volumes.
The growth leader among crypto exchanges was Bybit, the volume of spot trading on the platform for the month increased by almost 23% and reached $132 billion, which was the third largest monthly figure in the platform’s history. Binance continues to lead the spot market with a 28.1% share, despite a 4.9% decline compared to June. Binance also leads the derivatives market with a 43.5% share, followed by OKX and Bybit with 19% and 15% respectively.
CCData analysts focused on the growth in crypto derivatives trading volume on the Chicago Mercantile Exchange (CME), which reached $130 billion, up 23.7% in July. Bitcoin futures trading volume for the month rose 24% to $101 billion, while Ethereum futures rose 15% to $20.7 billion. Crypto options volume on the CME hit a new record of $3.69 billion, up 93.6% from June. In particular, trading volume in BTC options surged 89.8% to $2.72 billion, and trading volume in ETH options jumped 122% to $897 million. Analysts say that the surge in trading activity in the options market reflects the growing interest among institutional investors in crypto ETFs. They predict new bursts of activity as more spot crypto ETFs are launched.
Trading volumes on the top 15 centralized crypto exchanges are declining for three months in a row. According to experts, the global cryptocurrency trading volume will exceed $108 trillion by the end of 2024.
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