Combined trading volume for spot and derivatives trading on centralized exchanges fell 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 and marked the largest long liquidation event since the collapse of the FTX, CCData said in its August Exchange Review.
During the month, Bitcoin (BTC-USD) and Ethereum (ETH-USD) each fell 13%, XRP (XRP-USD) plummeted 30% and Cardano (ADA-USD) fell 17%.
Spot trading on centralized exchanges fell for the second month in a row, falling 7.8% to $475 billion, the lowest monthly spot trading volume since March 2019.
“Trading volumes on the centralized exchanges have remained low since April this year and are now comparable to the stagnant trading activity seen in the 2019 bear market,” the report said.
Even Grayscale’s victory over the SEC late in the month failed to increase the volume and price of bitcoin (BTC-USD) for the month. Although the court vacated the SEC’s rejection to convert Grayscale Bitcoin Trust into an exchange-traded fund, it did not authorize Grayscale 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 decline, the share of derivatives in the entire crypto market fell from 78.2 % in July to 77.3%. third month in a row of market share loss.
Binance remains the largest exchange for both the spot market and derivatives. With $183 billion in spot market volume, it has a 38.5% share, which is the lowest since August 2022. Huobi, with $28.9 billion in spot market volume, saw its market share increase to 6.09%, making it the second largest fair is.
Binance’s derivatives volume was $865 billion for a 53.5% market share, followed by OKX at $315 billion with a 19.5% share, and Bybit at $205 billion with a 12.7% share, according to the CCData report .
Crypto-exposed stocks also fell in August, as seen in the chart below, with bitcoin miners Riot Platforms (NASDAQ: rel), Marathon Digital (NASDAQ: MARA), and Hut 8 Mining (NASDAQ: HUT) each falling by about 30% for a month.