Cryptocurrency exchange trading volume surged to $1.7 trillion in July 2025, marking the highest monthly total since February of the same year. This represents a 55% increase from June's $1.1 trillion volume. Binance led the market with $683.4 billion in trading volume, its highest level since February. Decentralized exchanges (DEXs) also saw increased activity, reaching $435.3 billion, a six-month high, with PancakeSwap alone accounting for $188.6 billion. Bitcoin remained the most-traded asset by volume during the month. In parallel, the US leveraged loan market experienced record activity in July, driven by a wave of repricings that pushed total primary market volume to $222 billion, surpassing the previous record of $215 billion set in January 2025.