Crypto.com Surpasses Coinbase in Trading Volume, Bolstered by Institutional Clients and Spot Ether ETF Launch
Crypto.com, a centralized crypto exchange (CEX), has surpassed Coinbase in trading volume, recording a 23% increase in reported 24-hour trading volume. According to Messari data, Crypto.com’s trading volume reached $3.16 billion on Aug. 1, surpassing Coinbase’s $2.12 billion.
The surge in trading volume can be attributed to the growing list of institutional clients that Crypto.com has attracted. Giuseppe Giuliani, the managing director of Crypto.com, acknowledged that this growth is a result of improved market conditions and an enhanced product offering.
Giuliani emphasized the significance of continued institutional adoption for cryptocurrencies like Bitcoin (BTC) to achieve new all-time highs. Analysts suggest that Bitcoin’s “ultimate price” could exceed $700,000 if the current adoption curve grows fourfold.
The launch of the first spot Ether ETFs in the United States on July 23 has played a significant role in boosting Crypto.com’s trading volume. Giuliani highlighted the increased interest from companies in the traditional finance (TradFi) space as well.
Bitcoin’s open interest hit a record $39.46 billion on July 29, indicating a potential breakout in the near future. Crypto.com has also experienced a nearly four-fold increase in open interest since the beginning of 2024, primarily due to the entrance of new institutional investors.
Despite Bitcoin’s price remaining below the $65,000 mark, the industry awaits increased institutional interest to drive further inflows into the leading cryptocurrency.
Source: Cointelegraph