CCData’s crypto exchange report for August released. TL;DR version is volumes are low, like, almost four years low.
Spot Trading’s Historic Lows
- Spot trading volumes on centralized exchanges dipped for the second month in a row, down 7.78% to $475 billion.
- This isn’t just a minor blip; it’s the lowest monthly spot trading volume since March 2019.
- August 26th was particularly bleak, with daily volumes at a mere $5.90 billion, a number not seen since February 7th, 2019.
- Even Grayscale’s win against the SEC couldn’t spark the expected crypto accumulation. 😕
- Huobi bucked the trend, with its spot trading volume skyrocketing by 46.5% to $28.9 billion.
- Binance, the king of spot trading with $183 billion in volumes, saw its market share shrink for the sixth month straight, now at 38.5%.
- But it’s not all roses for Huobi; whispers of unusual $USDT and $WETH outflows have raised eyebrows. 🥸
Derivatives Market Woes
- August 17 was a day to forget, with a staggering 19.5% drop in open interest on derivatives exchanges, wiping out $4.13 billion.
- This was the year’s most significant decline, spurred by rumors of SpaceX offloading its BTC.
Top-Tier Exchanges Holding Strong
- Top-tier exchanges held onto 66.9% of the total spot volume.
- Binance, Coinbase, and Upbit led the charge, accounting for roughly 72.0% of the total volume.
As a side note – Summer is one of the doldrums of trading, especially in August. Still, the low volume