Crypto.com Dominates Spot Crypto Trading Volume

Crypto.com commanded the highest market share of spot crypto trading volume among USD-supported exchanges in July.

Market Rankings

Crypto.com ranked No. 1 for the first time in over two years, with a 38.5% market share of spot cryptocurrency trading volume, according to The Block Data Dashboard. Coinbase ranked second with 35.8%.

“We have seen incremental market share growth month on month over the last 18 months,” Giuseppe Giuliani, managing director of Crypto.com Exchange, told The Block. “The exchange growth has been primarily driven by the acquisition of new clients on the platform, including large institutions and advanced retail traders.”

Last time Crypto.com led in spot crypto trading volume among USD-supported exchanges was in April 2022, edging out Coinbase with 27% of the market.

Broader Trends

Earlier in July, The Block Research stated that Crypto.com’s resurgence “could signal a broader trend of retail investors re-entering the crypto space or shifting their preferences among exchanges.” Analysts speculated that Crypto.com’s growth might come at the expense of smaller U.S. exchanges.

Steven Zheng, research director at The Block, suggested that increased advertising could be a factor.

“Crypto.com has been ramping up their marketing efforts over the past few years, like becoming the first crypto advertiser on the Sphere as well as buying naming rights to a sports stadium,” he said.

The Crypto.com Arena in Los Angeles hosts games for local professional sports teams, including the NBA’s Los Angeles Lakers. Recently, rapper Eminem became Crypto.com’s latest celebrity spokesperson.

Institutional Support

Like other crypto competitors such as Coinbase and Kraken, Crypto.com benefitted from the U.S. launch of spot bitcoin and ether ETFs.

“We have observed strong interest and solid inflows from more traditional institutions this cycle, especially following the approval of bitcoin and ether ETFs in the U.S.,” Giuliani noted.

According to The Block Data Dashboard, Crypto.com led all exchanges in July based on North American customer exchange volumes, recording a total of $68.9 billion for the month, a massive increase compared to the mere $2.5 billion in July 2023.