Web traffic to crypto exchanges continued to fall in July

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. 


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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. 

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.