Trading Volume On Centralized Exchanges Has Decreased In July
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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