July was a rough month for the crypto market. Spot trading volume on major centralized exchanges dropped by 9%. It’s not exactly the kind of news you want to hear if you’re deep in the game, but here we are.
Let’s talk about what went down, who’s winning, and who’s losing. Because in this world, it’s all about numbers, and the numbers don’t lie.
First up, let’s look at who managed to pull a rabbit out of the hat. Crypto.com was the big winner, seeing a 59% increase in its spot trading volume.
Upbit and Gate also saw some gains, with 26% and 21% increases, respectively. These guys somehow managed to keep the wheels turning while others struggled to keep up.
Unfortunately, Binance didn’t have a good month, to put it mildly. Their spot trading volume tanked by 21%.
Bitget wasn’t far behind, losing 18%, and OKX didn’t fare much better, dropping by 16%. If you’ve been using any of these platforms, you probably noticed the dip.
Derivatives and platform traffic plummet
Now, let’s talk about derivatives. July wasn’t any kinder to them either. Overall, the derivatives trading volume across major exchanges fell by 4%.
Again, it’s not the end of the world, but it’s definitely not the direction you want things to be heading.
Crypto.com once again managed to buck the trend with a 56% increase in its derivatives trading volume. Bybit also managed a slight gain of 3.4%, and KuCoin barely stayed in the green with a 0.4% increase.
But let’s not forget those who took a hit. Mexc saw a 14% drop in derivatives trading volume, while Binance continued its losing streak with a 10% decline.
HTX wasn’t far behind, dropping by 8%. As if the drops in trading volumes weren’t enough, website traffic to major exchanges also took a significant hit in July.
Across the board, traffic fell by 18%. That’s a pretty big deal because, let’s face it, if people aren’t visiting these sites, they’re not trading.
Gate was one of the few to see any positive movement, with a 15% increase in traffic. HTX and Coinbase managed to keep their losses in the single digits, with drops of 6% and 7%, respectively.
Then there are the platforms that really felt the pinch. OKX saw a huge 43% drop in website traffic. Mexc wasn’t far behind with a 39% decrease, and Bitget lost 29% of its traffic.
