July was a positive month for the cryptocurrency markets as prices began to pick up toward the latter weeks of July – with Bitcoin and Ethereum rising 18.3% and 11.2% respectively MoM. Markets also reacted with the first MoM increase in aggregate open interest (7.5%) in the past three months.

July Highlights

• Spot volumes plummeted 31.5% MoM to $1.9tn, the lowest levels recorded so far this year.
• Derivative volumes reached 56.9% of total cryptocurrency volume, the highest percentage share of total volume since November 2020.
• Monthly Bitcoin traded into USDT totaled 4.3mn in July - 61.6% of all Bitcoin traded into either fiat or stablecoins - the highest level since December 2020 when USDT accounted for took 63.1% of market share.
• Aggregate open interest rose for the first time in three months, from a weekly average of $16.4bn in June to $17.7bn in July (7.5% increase). This is adjacent to the rise in price in cryptocurrency markets in the last two weeks of July.