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. 

Crypto exchange web traffic

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. 

Share of web traffic crypto exchangesThe 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.