Crypto.com has outperformed Coinbase in trading volume, thanks to a growing number of institutional clients and the introduction of the first spot Ether exchange-traded funds (ETFs) in the United States.
The centralized crypto exchange (CEX) Crypto.com reported a 23% increase in its 24-hour trading volume, reaching $3.16 billion on August 1, surpassing Coinbase’s $2.12 billion, as per data from Messari.
The surge in trading volume is primarily attributed to the exchange’s expanding institutional client base, according to Giuseppe Giuliani, the managing director of Crypto.com. Giuliani believes that this growth is a result of improved market conditions and product offerings.
Giuliani emphasized the importance of continued institutional adoption for cryptocurrencies like Bitcoin (BTC) to achieve new all-time highs. Some analysts suggest that Bitcoin’s price could potentially exceed $700,000 if the current adoption curve grows fourfold.
The launch of the first spot Ether ETFs in the United States on July 23 has significantly contributed to the increase in trading volume on Crypto.com, as stated by Giuliani. The exchange has also witnessed a rise in interest from traditional finance companies (TradFi).
Despite the record-breaking open interest in Bitcoin, which hit $39.46 billion on July 29, the price of Bitcoin remains below $65,000. The anticipation is for increased institutional interest to drive more investments into the leading cryptocurrency.