Trading volume for crypto exchanges dropped in July as less number of people used exchange platforms in the month.
According to Wu Blockchain report, spot trading volume declined by 1.7% month over month. However, not all exchanges experienced a decrease in trading volume.
The decline in trading volume came mostly from LBank which saw an over 50% decline, Huobi by 31.3%, and Gate by 31.2%. Others like KuCoin Crypto.com, and Bitfinex saw their volume drop by 25% respectively too.
On the other hand, some exchanges saw a massive increase in their spot trading volume in July. The likes of Binance US saw a 76.7% increase in their trading volume, OKX by 30%, and Phemex by 227.4%. Other exchanges whose numbers rose include Bitmart with 18% and Binance with 9.3%.
Uniswap saw its own trading volume decline also.
Meanwhile, CoinShares also reported that daily trading volume for the last week of July was $1.3 billion, which is far below the average of $2.4 billion for the year.
Derivatives Trading Drop by 5%
Additionally, derivatives trading volume across exchanges also fell by 5.2% in July. Exchanges that recorded the most decreases were Deribit with a 28.6% decline, Crypto.com saw a 25% drop, and FTX with an 11.7% decline. Others like ByBit, BitMEX, and Binance saw around a 5% decline respectively.
However, others such as Okex and Huobi saw slight increases of 5.5% and 1.9%.
Exchanges Web Traffic Decline
The decline in trading activity is further reflected in the 10% monthly decline in exchange website traffic last month.
The web traffic declines mostly affected FTX with 33.2%, Huobi dropped by 23.3%, and OKX with 21.7%. Others like Bitfinex, UpBit, Gate, Kraken, and Coinbase lost over 15% of their traffic too.
Few exchanges managed to increase their web traffic during the month. The top gainers include MEXC which saw a 27.7% increase, Bitget’s traffic rose 14.3% and Bitmart by 15.4%.
Wu noted that the data might not be completely accurate due to the likelihood of click farming and bots.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.