Combined Crypto Spot and Derivative Exchange Volumes Sink to Yearly Low

<p>The total
volumes generated from spot and derivatives trading activities on centralized
exchanges (CEXs) slumped by 12% to $2.36 trillion in July, hitting the lowest
monthly trading volume recorded this year, so far. The figures are based on the latest exchange review report by CCData, a digital assets data provider.</p><p>Trading
Suffers Lack of Volatility </p><p>Specifically,
spot trading volume sank by 10.5% to $515 billion, the second-lowest
volume generated since March 2019. Similarly, crypto exchanges generated the second-lowest
derivatives volumes posted since December 2020. This is even as the value of trading activities went down by 12.7%
to $1.85 trillion.</p><p>In June, aggregate volumes
from both activities <a href="https://www.financemagnates.com/cryptocurrency/crypto-volumes-climb-first-time-in-3-months-amid-tradfi-push-for-spot-btc-etf/" target="_blank" rel="follow">jumped by 14.2%</a> for the first time in three
months, hitting $2.71 trillion. The bullish trend came amidst <a href="https://www.financemagnates.com/cryptocurrency/ark-invest-joins-blackrock-and-fidelity-in-race-for-bitcoin-etf/" target="_blank" rel="follow">a new wave of
applications</a> for spot
Bitcoin exchange-traded funds by institutional investors, <a href="https://financemagnates.com" target="_blank" rel="follow">Finance Magnates</a> reported.</p><p>However,
volumes slowed down again in July, returning to record lows seen in the past
few months. CCData attributed the decline to insufficient volatility in the crypto market.</p><p>“The
decrease in trading volumes can be attributed to the lack of <a href="https://www.financemagnates.com/terms/v/volatility/">volatility</a> in the
price action of major crypto assets, with Bitcoin and <a href="https://www.financemagnates.com/terms/e/ethereum/">Ethereum</a> trading in a
narrow range throughout July,” CCData explained.</p><p>Upbit Outtrades
OKX and Coinbase</p><p>Meanwhile,
in July, the market share of Binance continued to shrink, falling for the fifth
consecutive month to 40.4%. The decline persists as the crypto exchange
continues to battle regulatory opposition <a href="https://www.financemagnates.com/cryptocurrency/binance-fired-over-1000-employees-in-recent-weeksreport/" target="_blank" rel="follow">in several
jurisdictions</a>,
particularly in the United States where federal prosecutors <a href="https://www.financemagnates.com/cryptocurrency/doj-weighs-fraud-charges-against-binance-worried-about-bank-run-report/" target="_blank" rel="follow">are now contemplating</a> hitting
the exchange with criminal
charges.</p><p>However,
with $208 billion in total spot trading volume, Binance remains the biggest
crypto exchange in the world. In fact, the exchange Chinese users recently <a href="https://www.financemagnates.com/cryptocurrency/binance-defies-chinas-crypto-ban-records-90b-monthly-trading-volume-report/" target="_blank" rel="follow">traded more than $90
billion in a single month</a>, defying the ban on crypto
trading in the Asian country.</p><p>On the other hand, South Korea-based crypto exchange, Upbit, pulled off an upset last month,
beating top exchanges such as OKX and Coinbase to claim the position of
second-largest exchange by trading volume after Binance. While Upbit’s spot
trading volume surged by 42.3% to $29.8 billion in July, OKX and Coinbase saw
their volumes plummet by 11.6% and 5.75% to $28.6 billion and $29 billion,
respectively.</p><p>“Compared
to last month, Upbit saw the largest increase in market share, with the
exchange now accounting for 5.78% of the trading volumes on centralised
exchanges,” CCData elaborated. “Huobi Global and Kucoin also increased their
market share by trading volume, rising 1.92% and 0.47% to 3.84% and 2.21%
respectively.”</p><p>Acuity unveils 'NewsIQ'; Spectrum Markets appoints compliance head; <a href="https://www.financemagnates.com/forex/news-nuggets-3-august-acuity-unveils-newsiq-spectrum-markets-appoints-compliance-head/" target="_blank" rel="follow">read today's news nuggets</a>.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.