For the second month in a row, web traffic to crypto exchanges has continued to fall.
As data compiled by The Block Research shows, there were 319.2 million visits to crypto exchanges in July — 13.5% less than in June and nearly half of the all-time high in May.
Binance held 42% of the web traffic for crypto exchanges in July, followed by Coinbase with 15.5% and Bybit with 4.7%, The Block's data shows. The Block Research's Lars Hoffman noted on Twitter that declining crypto exchange web traffic coincides with falling trading volume. Indeed, trading volume fell from the all-time high of $2.3 trillion in May to $1.22 trillion in June (a -47.2% month-over-month decrease), before dropping further to $816.5 billion in July (-33.1%). Bybit rose about 1.4% compared to the previous month while Coinbase fell around 3%, The Block's data shows.
Hoffman wrote in a recent The Block Research report that other aspects of the crypto ecosystem saw declines in July as well, such as a 29.3% decline in total on-chain volume and a 32% decrease in spot trading volumes for crypto exchanges.