Combined cryptocurrency spot and derivatives trading volume on centralized exchanges decreased 11.5% to $2.09 trillion, falling to the lowest combined monthly trading volume this year and the second-lowest since October 2020.
The weakening volume followed the price movement, marking the The largest long-term liquidation event since the FTX collapse, CCData said in its August Exchange Review.
During the month, Bitcoin (BTC-USD) and ethereum (ETH-USD) each fell 13%, XRP (XRP-USD) fell 30% and cardano (ADA-USD) fell 17%.
Spot trading on centralized exchanges fell for the second consecutive month, falling 7.8% to $475 billion, the lowest monthly spot trading volume since March 2019.
"Trading volumes on centralized exchanges have remained low since April this year and are now comparable to the stagnant trading activity in the 2019 bear market," according to the report.
Even Grayscale's victory over the SEC At the end of the month it failed to boost volume and bitcoin (BTC-USD) price of the month. While the court overturned the SEC's refusal to convert Grayscale Bitcoin Trust into an exchange-traded fund, it does not give Grayscale permission to proceed with the conversion.
Derivatives volume fell 12.5% in August to $1.62 trillion, the lowest level since December 2022 and the second-lowest derivatives trading volume since 2021. With that drop, the share of derivatives The entire crypto market fell to 77.3% from 78.2% in July, the third consecutive month of market share losses.
Binance remains the largest exchange for both the spot market and derivatives. With a spot market volume of $183 billion, it has a 38.5% share, the lowest since August 2022. Huobi, with a spot market volume of $28.9 billion, saw its share rise from market at 6.09%, making it the second largest exchange.
Binance's derivatives volume was $865 billion for a 53.5% market share, followed by OKX at $315 billion for a 19.5% share, and Bybit at $205 billion. with a participation of 12.7%, according to CCData. report.
Cryptocurrency-exposed stocks also sank during August, as seen in the chart below, with bitcoin miners Riot Platforms (Nasdaq:RIOT), Digital Marathon (Nasdaq:MARA) and Cabin 8 Mining (Nasdaq:CABIN) each falling approximately 30% over the month.