Crypto Spot Trading Volume Drops to $475,000,000,000, Reminiscent of 2019 Bear Market: Analytics Firm
Crypto spot trading volume on exchanges dipped significantly in August amid the sector’s recent bearish price action, according to the blockchain data firm CCData.
The firm notes in a recent monthly report that spot trading volume on centralized exchanges in August dropped for the second consecutive month, decreasing by 7.78% to $475 billion.
The figure represents the lowest monthly total since the sector was in the middle of a bear market in March 2019.
CCData also notes daily volumes on centralized exchanges plunged to $5.90 billion on August 26th, the lowest total since February 2019.
Explains the data firm,
“The fluctuations throughout the month can be attributed to SpaceX’s sale of its BTC holdings and Grayscale’s landmark victory over the SEC, which failed to reflect in the spot accumulation of crypto assets.”
Derivatives trading volume on centralized exchanges also took a hit last month, decreasing by 12.3% to $1.62 trillion, the lowest level of volume since December 2022 and the second-lowest total since December 2020, according to CCData.
Says the firm,
“The derivatives market now represents 77.3% of the entire crypto market (vs. 78.2% in July). This is the third consecutive decline in derivatives market share, with the volatility in the market leading to a large drop in open interest last month.”
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Author: Conor Devitt
