​In July, the trading volume for cryptocurrencies on centralized exchanges saw a significant increase of 19%, reaching a total of $4.94 trillion. This marks the first rise in trading volumes in four months, as reported by CCData. The surge in trading volume can be attributed to the launch of spot Ethereum exchange-traded funds in the U.S. and the positive sentiment from local political figures at the Bitcoin conference in Nashville, Texas. The report also highlights a notable growth in both spot and derivatives trading volumes on centralized exchanges, with spot trading volumes increasing by 14.3% to $1.44 trillion and derivatives trading volumes growing by 21% to $3.50 trillion. The derivatives market share also reached its highest level since December 2023, at 70.9%. Bybit stood out as the top performer in July, with its spot trading volume increasing by nearly 23% to $132 billion, making it the second-largest spot exchange with a record market share of 9.18%. Despite Bybit’s strong performance, Binance maintained its position as the largest spot exchange with a market share of 28.1%, although this represents a decline of 4.9% from the previous month. The report also notes a notable increase in volatility in early August, resulting in the second-highest daily spot trading volume since May 2021, a period marked by China’s crackdown on Bitcoin mining. In the derivatives market, Binance led with a 43.5% market share, followed by OKX at 19% and Bybit at 15.1%. Coinbase International and Crypto.com saw the most significant month-on-month growth in derivatives trading volumes, with increases of 181% to $28.3 billion and 102% to $75.6 billion, respectively. Bybit and Crypto.com also saw the largest market share gains, with increases of 1.16% and 0.87%, respectively. On the other hand, Binance and Kraken experienced the most significant declines, with the former dropping by 3.24% and the latter by 0.09%. 

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