Cryptocurrency prices started picking up in late July, with Bitcoin and Ethereum rising 18.3% and 11.2% respectively month on month. While the rise helped open interest surge for the first time in three months, spot volumes fell to a yearly low.
That’s according to CryptoCompare’s Exchange Review report, which details that spot volumes fell 31.5% from June to July, even though rising prices helped volumes surge late in the latter month, with a maximum of $98 billion being traded on July 26.
Top-Tier cryptocurrency exchanges saw their volumes drop 30.7% to $1.7 trillion, while Lower-Tier exchanges saw their spot volumes decreased to $197 billion. Top-Tier trading platforms, it details, now represent 89.3% of the total spot volume.
It’s worth noting Top-Tier exchanges are those rated AA-BB according to the CryptoCompare’s Exchange Benchmark, while Lower-Tier trading platforms are those rated C-F according to the same benchmark. Binance, graded A, was the largest Top-Tier spot exchange, trading $455 billion.
Derivatives trading volumes gained market share over spot volumes last month, decreasing only 22.6% to $2.5 trillion. The derivatives market now represents 56.9% of the total cryptocurrency market, up from 52.9% in June.
Binance was the largest derivatives trading platform, with a trading volume of $1.4 trillion. Behind it was OKEx, which traded $368 billion.
CryptoCompare’s report further details that aggregate open interest has risen in July for the first time in three months, from a weekly average of $16.4 billion in June to $17.7 billion in July. Open interest across BTC futures rose 4.5% to $10.1 billion, while open interest for ETH products rose 2.4% to $4.3 billion.
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