Crypto.com has overtaken Coinbase in trading volume, driven by an influx of institutional clients and the launch of the first spot Ether exchange-traded funds (ETFs) in the United States.
Trading Volume Surge
On August 1, Crypto.com reported a 23% increase in its 24-hour trading volume, reaching $3.16 billion, surpassing Coinbase’s $2.12 billion, according to data from Messari. This surge is attributed to the exchange’s expanding list of institutional clients and improved market conditions in 2024.
Top 10 exchanges by spot trading volume. Source: Messari.io
Institutional Adoption
Giuseppe Giuliani, Managing Director of Crypto.com, highlighted the significance of acquiring new institutional clients and advanced retail traders to drive this growth. He stated, “This growth has been primarily driven by the acquisition of new clients on the platform, both large institutions and advanced retail traders, and is being supported by stronger market conditions in 2024.”
Impact of Ether ETFs
The launch of the first spot of Ether ETFs in the US on July 23 has also significantly contributed to Crypto.com’s rising trading volume. Giuliani noted, “In the week of July 21 during which Ether ETF was launched, we have seen double-digit growth in our exchange’s Ether spot and perpetual volume week-on-week, building on consecutive weeks of robust volume growth.”
Crypto.com has also seen increased interest from companies in the traditional finance (TradFi) sector. The exchange’s success underscores the importance of institutional adoption for cryptocurrencies like Bitcoin to reach new all-time highs. Analysts suggest that Bitcoin’s price could surpass $700,000 if the current adoption rate grows.
Open Interest and Bitcoin Price
Bitcoin’s open interest hit a record $39.46 billion on July 29, indicating growing investor interest and the potential for a breakout. Crypto.com has seen nearly a four-fold increase in open interest since the start of 2024, mainly due to new institutional entrants. Giuliani stated, “We have seen a strong uptick in volume and open interests coming primarily from new clients, in particular large institutions both from TradFi and crypto-native backgrounds.”
