News

Trading Volume On Centralized Exchanges Has Decreased In July

Trading volume on global crypto centralized exchanges (CEX) plummeted in July due to fewer people using the platforms in the month than before.
Trading Volume On Centralized Exchanges Has Decreased In July 4

As reported by Wu Blockchain, the average spot trading volume has decreased by 1.7% month-on-month. However, not all exchanges experienced a drop in trading volume.

The drop in trading volume mainly came from LBank with a drop of more than 50%, Huobi down 31.3%, and Gate down 31.2%. Other exchanges like KuCoin, Crypto.com, and Bitfinex also saw their volumes drop by 25%. Coinbase also saw its trading volume drop.

On the other hand, some exchanges saw a large increase in spot trading volume in July. For example, Binance US saw a 76.7% increase in trading volume, OKX up 30%, and Phemex gained 227.4%. Other exchanges also saw growth, such as Bitmart with 18% and Binance with 9.3%.

Meanwhile, CoinShares also reported that the daily trading volume for the last week of July was $1.3 billion, well below the $2.4 billion average for the year.

Source: Wu Blockchain

In addition, derivatives trading volume on exchanges decreased by 5.2% in July. The exchanges that recorded the most declines were Deribit with a decrease of 28.6%, Crypto.com with a decrease of 25%, and FTX down 11.7%. Others such as ByBit, BitMEX, and Binance have seen around 5% declines. However, other exchanges such as Okex and Huobi increased slightly by 5.5% and 1.9%.

Source: Wu Blockchain

The decline in trading activity continues to be reflected in website traffic to exchanges. Accordingly, this number decreased by 10% compared to the previous month. The drop in web traffic mainly affected FTX with 33.2%, Huobi with 23.3%, and OKX with 21.7%. Other exchanges such as Bitfinex, UpBit, Gate, Kraken, and Coinbase also lost more than 15% of their traffic.

Several exchanges have been working to increase their web traffic for the month. Rising exchanges include MEXC up 27.7%, Bitget traffic up 14.3%, and Bitmart up 15.4%. Wu notes that the data may not be entirely accurate due to the potential for spam and bots.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

US Presidential Election Drives Bitcoin Price Back to $70,000

Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.

32 mins ago

Xinteria Surpasses $1 Billion in Trading Volume, Unveils Innovative Market-Making Technology

NY, United States of America, 5th November 2024, Chainwire

32 mins ago

Top DePIN Crypto Projects With Huge Airdrop Potential

This Coincu's article presents a curated list of the top DePIN crypto projects with airdrop…

56 mins ago

Polymarket User ‘Walletmobile’ Risks $10 Million on Trump’s Victory

Polymarket user identified only as "wallet mobile" has just made an astonishing bet of $10…

1 hour ago

Binance CEO Richard Teng: The West Will Still Dominate Finance

Binance CEO Richard Teng stated that Western companies will benefit most due to regulatory influence.

1 hour ago

FTX License Suspension Extended by Cyprus SEC Until May 2025

The Cyprus Securities and Exchange Commission announced that the Cypriot Investment Firm (CIF) FTX license…

2 hours ago

This website uses cookies.