Spot trading volumes across all centralized cryptocurrency exchanges dropped 1.34% in July to $1.39 trillion, the lowest monthly trading volume recorded in 20 months, since December 2020, when Bitcoin moved up from $19,000 to surpass the high it established in 2017 near $20,000.
Derivatives trading volumes have meanwhile surged 13.4% in July to $3.12 trillion, which means that the derivatives market now represents 69.1% of the total cryptocurrency market, up from 66.1% in June.
As detailed in CryptoCompare’s July 2022 Exchange Review, the month was marked by BinanceUSD (BUSD) trading volumes spiking against BTC and the Atom Asset Exchange (AAX) becoming the second-largest exchange by trading volume.
In July, BTC trading into BUSD saw its volume spike by 80.2% to 2.13 million BTC, recoding the first instance where it surpassed the BTC spot trading into USD volume. BTC trading into USDT, which has a market share of 62.8% when it comes to BTC trading into fiat or stablecoins, rose 31.5% to 8.78 million BTC.
Bitcoin trading into fiat currency and stablecoins increased as investors seemingly continue to prefer safety under uncertain macroeconomic conditions. Meanwhile, digital asset exchange AAX saw its volume rise 26.5% to $57.2 billion, an all-time high for the platform.
Binance, FTX, OKX and Coinbase all saw declines in their trading volumes since the start of the year, falling 12.9%, 15.5%, 57.6%, and 57.2%, respectively. AAX was the only exchange in the top 15 that saw its volume grow since the beginning of 2022.
Binance, AAX and FTX were the top players in terms of spot trading volume in July, followed by Coinbase and OKX. Among the top 15 Top-Tier exchanges by trading volume, the top three represented approximately 68.1% of total volume.
Top-Tier exchanges, it’s worth noting, are selected based on CryptoCompare’s rigorous Exchange Benchmark Methodology. Despite AAX’s rise, Binance has managed to remain the market leader when it comes to cryptocurrency exchange volumes, towering over competitors despite sudden volume surges from competing exchanges, such as DigiFinex.
Find out more via CryptoCompare’s July 2022 Exchange Review.
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