In July, the cryptocurrency market experienced a decline in both spot and derivatives trading volumes across major exchanges. Spot trade volumes fell by 9% compared to the previous month.
The top three performers were Crypto.com, Upbit, and Gate.io, with rises of 59%, 26%, and 21%, respectively. By comparison, there were notable losses of 21%, 18%, and 16% for Binance, Bitget, and OKX.
Trading volumes for derivatives decreased by 4% as well. Crypto.com led the gains with a 56% increase, followed by Bybit and KuCoin with somewhat smaller increases. Mexc had a 14% decrease in this category, while HTX and Binance saw decreases with 8.3%, and 10.4%.
Website traffic to major exchanges in July decreased by 18% month-on-month, with Gate.io being the only exchange to see a 15% increase.
HTX and Coinbase had smaller declines, while OKX, Mexc, and Bitget faced the steepest drops in traffic, with decreases of 43%, 39%, and 29%, respectively. This trend in traffic, coupled with the overall decline in trading volumes, suggests a general cooling off in market activity.
Also Read: Crypto Spot Trading Hits $1.4 Trillion for 4 Straight Months
