Wu's team conducted data statistics showing:
The spot trading volume of major exchanges in July 2025 increased by 62% compared to June. The top three in terms of change rate are BitMart +143%, Upbit +141%, and Coinbase +79%. The bottom three are Bitfinex -16%, HTX +13%, and OKX +49%.
The derivative trading volume of major exchanges in July increased by 31% compared to June. The top three in terms of change rate are KuCoin +71%, Bitget +57%, and Crypto.com +51%. The bottom three are Mexc -13%, OKX +30%, and HTX +33%.
The website traffic of major exchanges in July increased by 16% compared to June. The top three in terms of change rate are HTX +85%, Bitfinex +47%, and Kraken +42%. The bottom three are BitMart -0%, OKX +1%, and Crypto.com +2%.
Note: The following data may have serious issues with wash trading / bot suspicion. Spot and derivative data are from Coingecko; traffic data are from Similarweb.