Binance Grabs Half of Crypto Spot Trading Volume as July Volumes Plummet

Crypto spot trading volume dropped significantly in July, falling 21.7% month-over-month to $429.0 billion across 14 major exchanges, according to a report from WuBlockchain.

Binance led the way with $196.5 billion in spot trades, capturing a 45.8% share of the total, while OKX and Bybit followed closely behind with $41.6 billion and $36.3 billion, respectively.

All 14 exchanges reported lower volumes, with Uniswap experiencing the smallest decline at just 9.8%, while Bitfinex cratered by 59.7% and Coinbase dropped 26.4%.

The concentration of liquidity on Binance is a concern for asset managers and professional traders, as it can lead to thinner markets elsewhere and increased slippage on execution across exchanges.