Binance tops July crypto exchange traffic, sector slips

Binance stayed at the top of crypto exchange traffic in July, collecting 36.04 million website visits for a 26.8% share of the tracked market. The figures come from Wu Blockchain, which compiles SimilarWeb data across major platforms. SimilarWeb's numbers are estimates, not exchange-reported figures. Total visits across the exchanges fell 2.35% month over month to 134.31 million, down from 137.54 million in June. The June-to-July drop works out to about 3.23 million fewer visits.

OKX took second place with 25.62 million visits, a 19.1% share. Coinbase followed with 20.60 million visits, equal to 15.3% of the total. Binance outdrew OKX by roughly 10.4 million visits, a margin close to half of Coinbase's monthly figure. Together the top three drew 82.26 million visits. That left 52.05 million for the rest of the field, or 38.8% of the total. The ranking reflects website traffic, not trading volume, which can differ by exchange.

The leaders built their audiences in different markets. India was the largest source of visitors for Binance. Japan sent the most traffic to OKX. The United States was Coinbase's top origin market. Binance's India draw lines up with its reported milestone: the exchange has reportedly passed 323 million registered users around its ninth anniversary in July. The 323 million figure is a cumulative registered-user count, not a measure of monthly active accounts. July's 36 million visits against that user base work out to roughly 11% of registered accounts opening the website during the month. SimilarWeb counts visits, not unique users, and the numbers cover browser traffic. Heavy app usage would not show up in these totals, so the ratio is a rough proxy. Visits can also include repeat sessions from the same person, which pushes the implied active-user share lower.

Mid-tier exchanges moved in opposite directions in July. Bitfinex rose 3.7% and KuCoin gained 3.2%. Bybit added 2.8%. Deribit fell 44.7%. HTX lost 23.0%, and Upbit dropped 16.0%. Deribit's decline was the deepest in the dataset, cutting its monthly traffic to roughly 55% of the June level. All three losing platforms declined at a faster rate than the overall market.

Traffic and spot trading volume both moved lower in July. Spot volume across exchanges declined 21.7%, ending the month at $429 billion, according to Wu Blockchain's SimilarWeb compilation. The volume drop was about nine times the size of the traffic decline. The drop in spot volume has a more direct revenue effect than the traffic decline, since most exchanges charge fees per trade. A single month's reading does not establish a trend; the July decline shows up in both traffic and volume. AlphaScala's crypto market analysis follows that wider shift in activity; July spot volume closed at $429 billion, down 21.7% from June.