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Institutional Demand Drives Crypto.com to Surpass Coinbase in Trading Volume

Key Takeaways

  • Crypto.com surpassed Coinbase in trading volume, reaching $3.29 billion in 24 hours compared to Coinbase's $2.32 billion;
  • This growth is mainly due to an influx of new clients;
  • The launch of the first spot Ether ETFs in the US boosted Crypto.com's Ether trading volumes.
Institutional Demand Drives Crypto.com to Surpass Coinbase in Trading Volume

Crypto.com has overtaken Coinbase in trading volume. According to BitDegree data, Crypto.com's 24-hour trading volume reached $3.29 billion at the time of writing, compared to Coinbase's $2.32 billion.

Giuseppe Giuliani, managing director at Crypto.com, attributes this surge mainly to an influx of new clients, including institutions and advanced retail investors.

The introduction of the first spot Ether ETFs in the US was also a major factor in Crypto.com's expansion. Giuliani observed that during the week of July 21, when the Ether ETFs were launched, the exchange saw an increase in Ether spot and perpetual trading volumes, with double-digit growth from the previous week.

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The crypto exchange has noted a rising interest from traditional finance (TradFi) companies, reflecting a broader trend of growing investor interest in the crypto market. Crypto.com's open interest has nearly quadrupled since the beginning of 2024, largely due to new institutional participants.

Thus, Crypto.com's success highlights the increasing influence of institutional investors and the impact of new financial products like Ether ETFs on the cryptocurrency market.

In other news, Coinbase has recently expanded its board of directors by appointing three new members: Chris Lehane, known for his role in Bill Clinton's 1992 presidential campaign, Christa Davies, former senior executive at Microsoft, and Paul Clement, former US Solicitor General.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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