July was another big month for cryptocurrency trading. Bitcoin rose from its previous months slumber breaking sharply above 10000$ and DeFi had another month of craziness.
It was also a big month for cryptocurrency exchanges as revealed by CryptoCompare’s monthly exchange review. One of the most noteworthy events highlighted is the continued trend of increase in derivatives trading as a percentage of overall cryptocurrency trading.
In June of 2020 derivatives trading represented 38% of overall trading. In July that was 41%. This percentage increase came as overall spot volumes fell 0.5% to just shy of $640 billion while overall derivatives volumes rose 13.2% to $445 billion.
On the 27th of July derivatives also made a new all time high for trading in a day with $46.91 billion being traded in 24 hours. The top 4 exchanges Huobi, Binance, OKEx, and BitMEX represented 90% of this days trading volume.
Some other noteworthy points made in CryptoCompare’s report are the new all time high in options trading on Deribit which recorded new highs in terms of Bitcoin options trading within a single day and over the month.
The new daily trading record tripled the previous one coming in at a new high of $585 million while the new monthly high was set at $4.07 billion surpassing the previous high of $3.06 billion.
What was also interestingly outlined in the report is that in the same time period options trading on the CME dropped 70.3%.
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