According to blockchain data firm CCData, crypto spot trading volume on exchanges fell significantly in August due to the recent bearish price action in the sector.
The company writes this in a recent monthly magazine report that spot trading volume on centralized exchanges fell for the second month in a row in August, falling 7.78% to $475 billion.
This figure represents the lowest monthly total since the sector was in the midst of a bear market in March 2019.
CCData also notes that daily volumes on centralized exchanges fell to $5.90 billion on August 26, the lowest total since February 2019.
Explains the data company:
“The fluctuations during the month can be attributed to SpaceX’s sale of its BTC holdings and Grayscale’s historic victory at the SEC, which was not reflected in the spot accumulation of crypto assets.”
Derivatives trading volume on centralized exchanges also took a hit last month, falling 12.3% to $1.62 trillion, the lowest volume level since December 2022 and the second-lowest total since December 2020, according to CCData.
Says the company,
“The derivatives market now represents 77.3% of the entire crypto market (compared to 78.2% in July). This is the third consecutive decline in derivatives market share, given market volatility which led to a big drop in open interest last month.”
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Generated image: Midjourney