Crypto.com has overtaken Coinbase in trading volume, propelled by an expanding roster of institutional clients and the launch of the first spot Ether exchange-traded funds (ETFs) in the United States.
On August 1, Crypto.com reported a 23% increase in its 24-hour trading volume, reaching $3.16 billion and surpassing Coinbase’s $2.12 billion, according to Messari data. This significant rise in trading volume is largely attributed to the exchange’s growing list of institutional clients, as noted by Giuseppe Giuliani, Managing Director of Crypto.com.
Giuliani credits this growth to more favorable market conditions and an enhanced product offering, stating:
“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.”
US Ether ETF Launch Fuels Trading Volume
In a landmark event for the industry, the first spot Ether ETFs began trading in the United States on July 23. This launch has significantly contributed to Crypto.com’s increasing trading volume. Giuliani commented:
“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.”
Moreover, Crypto.com has observed rising interest from traditional finance (TradFi) companies.
Bitcoin and Crypto Open Interest on the Rise
Showcasing the growing investor interest, Bitcoin’s open interest reached a record $39.46 billion on July 29, indicating a potential breakout. Crypto.com’s open interest has nearly quadrupled since the start of 2024, mainly driven by new institutional entrants. Giuliani explained:
“We have seen a strong uptick in volume and open interest coming primarily from new clients, in particular large institutions both from TradFi and crypto-native backgrounds.”
Despite this surge in interest and trading volume, Bitcoin’s price remains below the $65,000 mark, awaiting increased institutional inflows to drive it higher.
Crypto.com’s ascendancy over Coinbase in trading volume underscores the growing institutional demand and the impact of new financial products like Ether ETFs. As institutional adoption continues to rise, the cryptocurrency market may witness further growth and new all-time highs.
