According to data compiled by Wublockchain for July, there were noticeable changes in trading volume and website traffic for crypto exchanges. While there was a general decline in both spot trading volume and derivatives trading volume, some exchanges recorded positive growth during this period.
Spot Trading Volume Dropped by 9% Compared to June
In July, the spot trading volume on major exchanges decreased by 9% compared to the previous month. The three exchanges that recorded the highest increases were Crypto.com (59%), Upbit (26%), and Gate (21%), while the exchanges that experienced the largest declines were Binance (-21%), Bitget (-18%), and OKX (-16%). This general decline in spot trading volume is attributed to reduced market volatility and investors adopting a wait-and-see approach.
Derivatives trading volume also decreased by 4% in July compared to the previous month. Crypto.com stood out in this area with a 56% increase, while Bybit saw a 3.4% increase and KuCoin a 0.4% increase. On the other hand, the exchanges that experienced the largest declines were Mexc (-14%), Binance (-10%), and HTX (-8%). The decline in derivatives trading is explained by investors’ tendency to avoid risk.
Web Traffic of Major Exchanges Also Dropped by 18%
During the same period, the web traffic of major exchanges also decreased by 18%. This decline indicates that interest in the crypto market temporarily waned, and investors are waiting for more favorable conditions to re-enter the market.
In this area, Gate was the only exchange to increase its traffic by 15%, while HTX and Coinbase experienced slight declines of 6% and 7%, respectively. Exchanges like OKX (-43%), Mexc (-39%), and Bitget (-29%) saw significant losses in their traffic.
July was generally recorded as a stagnant period for crypto exchanges. The decline in both trading volumes and web traffic indicates a period where market participants are in a wait-and-see mode. Nevertheless, the positive performance of some exchanges during this period shows that opportunities in the crypto market are being closely monitored.
