July marked a significant turning point for global centralized cryptocurrency exchanges, with trading volume soaring 19% to $4.94 trillion—the first increase in four months. This resurgence was driven by robust growth in both spot and derivatives trading, with exchanges like Bybit and Binance playing pivotal roles.
Key Highlights from CCData's July 2024 Report
- Spot trading volume rose 14.3% to $1.44 trillion.
- Derivatives trading volume jumped 21% to $3.50 trillion.
- Derivatives now dominate 70.9% of the market—the highest share since December 2023.
👉 Discover how top exchanges like Bybit and Binance are shaping the market
Factors Behind the Growth
- Spot Ethereum ETFs: The U.S. launch of ETH ETFs fueled institutional interest.
- Political Sentiment: Positive signals from U.S. politicians at the Nashville Bitcoin Conference.
- Market Volatility: A spike in early August drove daily spot trading volumes to the second-highest level since May 2021, reminiscent of China’s 2021 Bitcoin mining ban.
Exchange Performance Breakdown
Bybit's Record Surge
- Achieved a 23% increase in spot trading volume ($132 billion).
- Secured a 9.18% market share—its highest ever.
- Ranked third-highest in monthly trading volume historically.
Binance Maintains Dominance
- Spot market leader with 28.1% share (down 4.9% from June).
- Derivatives powerhouse at 43.5% share, followed by OKX (19%) and Bybit (15.1%).
Institutional Activity
- CME Group saw a 23.7% rise in trading volume ($130 billion).
- ETH/BTC futures and options surged ahead of the U.S. ETF launch, with options hitting a record $3.69 billion.
Market Resilience and Future Outlook
The July rebound underscores the crypto market’s sensitivity to regulatory shifts and macroeconomic trends—and its ability to recover swiftly. With derivatives at an all-time high and institutional participation growing, the stage is set for continued volatility and opportunity.
FAQs
Q: Why did crypto trading volume spike in July?
A: Key drivers included Ethereum ETF approvals, political optimism, and renewed institutional interest.
Q: Which exchange gained the most market share?
A: Bybit’s spot trading volume grew 23%, pushing its market share to a record 9.18%.
Q: How did derivatives perform?
A: Derivatives hit a 70.9% market share—the highest since December 2023—with Binance leading at 43.5%.
Q: What’s next for crypto markets?
A: Expect volatility to persist as ETFs and macroeconomic factors influence trader sentiment.