Crypto derivatives trading on Binance surged to $2.55 trillion in July 2025 – the highest volume in seven months – as Bitcoin and altcoin price swings reignited trader activity, according to CryptoQuant data. Analyst J.A. Maartun noted this 52% market dominance coincided with crypto's $4 trillion all-time-high market cap before a late-July pullback. Competitors OKX and Bybit recorded $1.09 trillion and $929 billion respectively.
Binance maintained leadership with 568 trading pairs and a peak daily volume of $134 billion on July 18. While high volumes typically signal institutional participation and price discovery, Bitcoin faced headwinds from declining exchange liquidity (down to 3 months of sellable supply) and erratic ETF inflows. Despite these pressures, Capital B acquired 62 BTC (€6.2M) on August 4, expanding its holdings to 2,075 BTC at an average €91,133 purchase price.
Bitcoin futures open interest remained elevated at $79 billion, though below July's $88 billion peak, raising concerns about potential leverage-induced volatility. The volume spike suggests traders are positioning for further market turbulence.