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.

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.

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%.

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.

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