- Data shows Spot trading volume of major exchanges dipped 1.7% MoM in July, while derivatives trading volume plummeted 5.2%.
- Exchange traffic volume also declined by 10% with FTX and Huobi decreasing by 33% and 21% respectively.
- FTX is said to be interested in purchasing some of the Huobi shares its founder is looking to sell.
Spot trade activity on key exchanges in July dropped 1.7% month-over-month, as stated in a report recently published by crypto reporter, Wu Blockchain.
Research: Spot trading volume of major exchanges in July fell 1.7% MoM, derivatives trading volume fell 5.2%, exchange website traffic declined 10%. The top decliners were FTX -33% Huobi -21% and OKX -20%. The main traffic sources are Russia, US and Korea. https://t.co/xXCHokbF48 pic.twitter.com/Htu6aI74mS
— Wu Blockchain (@WuBlockchain) August 13, 2022
The three exchanges that had the most growth were OKX (+30%), Bitmart (+18%), and Binance US (+76%). The most significant falls were seen at LBank (-51%), Huobi (-31%), and Gate (-31%).
The monthly trading volume of derivatives at the main exchanges declined by 5.2% month over month. Prominent exchanges like Deribit, Crypto.com, and FTX’s value dipped by 28%, 25%, and 11% respectively, since July.
The traffic on exchange websites plummeted by 10% month over month, with MEXC (+27%), Bitget (+14%), and Bitmart (+15%) being the top three gainers. The top decliners — FTX, Huobi, and OKX declined by 33%, 21%, and 20% respectively. The US, Russia, and Korea are the primary suppliers of traffic.
In related developments, it was reported recently that FTX is looking into possibly acquiring some of the company shares that Huobi founder Leon Li wants to sell. Huobi Global, which has its headquarters in Seychelles, is one of the biggest cryptocurrency exchanges, according to statistics provided by CoinGecko, a digital currency data aggregator.
Huobi Global’s daily transaction volume is more than $1 billion. If all goes according to plan, the transaction will be one of the biggest ever signed in the crypto industry. It is expected that the purchase will be finalized at the end of this month. FTX has neither acknowledged nor rejected the claims yet.
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