Originally published on: August 01, 2024
Crypto.com has outpaced Coinbase in trading volume, propelled by a growing number of institutional clients and the introduction of the first spot Ether exchange-traded funds (ETFs) in the United States.
The centralized crypto exchange (CEX), Crypto.com, witnessed a notable 23% surge in reported 24-hour trading volume, reaching $3.16 billion on Aug. 1, surpassing Coinbase’s $2.12 billion, as reported by Messari data.
The spike in trading volume can be mainly credited to the expanding list of institutional clients on the exchange, according to Giuseppe Giuliani, the managing director of Crypto.com.
Giuliani attributes this growth to enhanced market conditions and an improved product selection. He shared with Cointelegraph, “Continued institutional adoption is paramount for cryptocurrencies like Bitcoin to achieve new all-time highs.”
In a groundbreaking development for the industry, the first spot Ether ETFs were launched for trading in the United States on July 23.
The introduction of the spot Ether ETFs has notably contributed to the upsurge in Crypto.com’s trading volume, states Giuliani:
Additionally, the exchange has witnessed a rise in interest from firms in the traditional finance (TradFi) sector, adds Giuliani.
Revealing the escalating investor interest, Bitcoin’s open interest surged to a record $39.46 billion on July 29, hinting at a possible breakthrough.
Crypto.com has also observed nearly a fourfold increase in open interest since the start of the year, largely attributable to new institutional players, Giuliani revealed:
However, Bitcoin’s price is still below the $65,000 level, awaiting a boost in institutional interest to drive more inflows into the pioneering cryptocurrency.
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