Top 10 Crypto Exchanges See July Spot Trading Volume Decline, But Not Huobi and Upbit
Fazzaco summarized the spot trading volume data of the top 10 cryptocurrency exchanges for one month since July 2023. The data shows that the spot trading volume uptrend that appeared in the crypto circle in June only lasted for one month and then went down again. However, since July, the decline of the top 10 cryptocurrency exchanges has not been large on average, and Huobi and Upbit have achieved contrarian growth. The specific data are as follows:
Binance, the world's largest crypto exchange, had a spot trading volume of US$209.58 billion in July, down 12.54% month-on-month from US$239.63 billion in June 2023.
Upbit is one of the largest crypto exchanges in South Korea. In July, its spot trading volume was US$60.91 billion, up 50.95% month-on-month from US$40.35 billion in June 2023.
Upbit and Huobi are the only two exchanges out of the Top 10 that had month-on-month growth this month.
Coinbase, the leading exchange in the United States, had a spot trading volume of US$29.19 billion in July, down 4.98% month-on-month from US$30.72 billion in June 2023.
OKX had a spot trading volume of US$28.27 billion in July, down 13.76% month-on-month from US$32.78 billion in June 2023.
Bybit, a crypto exchange based in Dubai, UAE, had a spot trading volume of US$22.58 billion in July, down 10.33% month-on-month from US$25.18 billion in June 2023.
Huobi had a spot trading volume of US$21.25 billion in July, up 78.42% month-on-month from US$11.91 billion in June 2023.
Kraken had a spot trading volume of US$13.64 billion in July, down 16.78% month-on-month from US$16.39 billion in June 2023.
Kucoin, an offshore-regulated cryptoc exchange, had a spot trading volume of US$13.52 billion in July, down 21.44% month-on-month from US$17.21 billion in June 2023.
Gate.io, a crypto exchange that was first established in China in 2013 and later moved to the Cayman Islands, had a spot trading volume of US$12.94 billion in July, down 29.60% month-on-month from US$18.38 billion in June 2023.
LMAX Digital is a crypto exchange operated by LMAX Group, which is regulated by the UK FCA. Its spot trading volume was US$8.04 billion in July, down 19.92% month-on-month from US$10.04 billion in June 2023.
The above data shows that the crypto spot trading market that eased since June 2023 continued to slow down. Overall, as the cryptocurrency trading volume declined generally in July, BTC's annualized volatility dropped to the lowest point of this quarter. The slowdown in trading volume in July mainly came from the second half of the month.
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