According to the latest research report published by CCData, the reasons for this significant increase include the launch of spot Ethereum exchange-traded funds (ETFs) in the US and the positive view of US political figures towards the cryptocurrency ecosystem at the Bitcoin conference in Nashville, Texas.

According to the report, a significant growth was observed in both spot and derivative trading volumes. Spot trading volumes increased by 14.3% to $1.44 trillion. Derivative trading volumes increased by 21% to $3.50 trillion.

This increase caused the total market share of the derivatives market to rise to 70.9%, the highest level since December 2023. This increase in spot and derivative trading volumes is considered an indicator of the recovery in the market and the revival of investor interest.

CCData stated that Bybit stood out in July and its spot trading volume increased by approximately 23%, reaching 132 billion dollars. This was recorded as Bybit’s third highest monthly volume in its history.

Thanks to increased trading activities, Bybit reached a market share of 9.18%, making it the second largest spot exchange. This improvement in Bybit’s performance strengthened the exchange’s competitive position in the crypto market and attracted the attention of investors.

In July, Binance managed to maintain its position as the largest spot exchange with a market share of 28.1%. However, this rate indicates a decrease of 4.9% from the previous month. Although Binance still remains the largest player in the market, this decline in market share could be a sign of growing competition from other exchanges.

Binance maintained its leadership in the derivatives market with a market share of 43.5%. OKX ranked second with 19% and Bybit ranked third with 15.1%. This shows that Binance maintains its strong position in derivatives trading and maintains its dominance in the market.

The report also drew attention to a large increase in volatility at the beginning of August. This volatility brought about the second-highest daily spot trading volume after the fluctuations in global markets when China banned Bitcoin mining in May 2021.

Such large fluctuations affect market dynamics, presenting significant opportunities and risks for investors.

This increase in July indicates a general improvement in the crypto market and a revival of investor confidence. The growth in spot and derivative trading volumes reveals that the market is starting to appeal to a wider investor base and the recovery in the cryptocurrency ecosystem is accelerating.