In August 2024, global crypto trading volume reached its highest level since May, surpassing $5.22 trillion. This surge was primarily driven by sharp market volatility following significant shifts in Japanese Yen trading.
Exchange Volume Analysis
According to the latest CCData report, crypto trading volume saw significant increases in August. The spot crypto trading volume on centralized exchanges (CEX) increased by 7.06% to $1.54 trillion, the highest since May. Meanwhile, derivatives trading volume rose by 4.70% to $3.68 trillion. Despite this, negative price trends throughout the month led to consecutive liquidations, with aggregate open interest on derivative exchanges dropping by 15.7% to $45.8 billion.
Major Exchanges' Response
Binance gained attention by increasing its spot market share to 29.0%. However, its derivatives market share fell to 42.7% for the third month in a row. Bybit also showed a surge in trading activity, with new highs in spot and derivatives market shares — 9.89% and 15.9%, respectively. Significant changes were also observed on Crypto.com, where spot trading volume grew by 38.7% to $95.6 billion, and derivatives trading volume rose by 38.2% to $104 billion. On CME, derivatives trading volume decreased by 1.16% to $129 billion. While BTC futures volume increased by 3.74% to $104 billion, BTC options volume fell by 13.4% to $2.42 billion. Similarly, Ether futures and options volumes dropped by 28.7% and 37.0% to $14.8 billion and $567 million, respectively.
Market Movement Variations
Key exchanges showed mixed changes in their market shares. Crypto.com and CoinW increased their shares by 1.42% and 1.07% to 6.21% and 1.93%, respectively. Meanwhile, Gate.io and HTX lost 2.40% and 1.02% of their shares, dropping to 2.78% and 4.20%. In August, derivatives trading volume increased by 4.70% to $3.69 trillion, marking the second consecutive monthly increase. However, open interest on retail derivatives exchanges fell by 15.7% to $45.8 billion.
The August report showed that crypto trading volume on centralized exchanges increased by 5.38% to $5.22 trillion. This growth was linked to volatility, which led to key digital assets like Bitcoin and Ethereum dropping to new lows in the early weeks of the month.
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