Crypto.com Surpasses Coinbase in Trading Volume, Fueled by Institutional Adoption and Ether ETF Launch
Crypto.com, a centralized crypto exchange (CEX), has experienced a remarkable surge in trading volume, surpassing Coinbase exchange. According to data from Messari, Crypto.com reported a 23% increase in its 24-hour trading volume, reaching $3.16 billion on August 1, while Coinbase recorded $2.12 billion.
This surge in trading volume can be attributed to Crypto.com’s growing list of institutional clients, as stated by Giuseppe Giuliani, the managing director of the exchange. Giuliani believes that the market’s favorable conditions and improved product offering have contributed to this growth. He emphasized the importance of continued institutional adoption for cryptocurrencies like Bitcoin (BTC) to reach new all-time highs. Analysts suggest that BTC’s price could potentially exceed $700,000 if the current adoption curve grows fourfold.
The launch of the first spot Ether exchange-traded funds (ETFs) in the United States on July 23 has significantly contributed to Crypto.com’s trading volume boost. Giuliani acknowledged that the exchange has also witnessed increased interest from companies in the traditional finance space.
Meanwhile, Bitcoin’s open interest reached a record $39.46 billion on July 29, indicating a potential breakout. Crypto.com has also experienced a nearly four-fold increase in open interest since the beginning of 2024, primarily driven by new institutional participants, according to Giuliani. However, Bitcoin’s price remains below the $65,000 mark, awaiting heightened institutional interest to drive more inflows into the world’s first cryptocurrency.