Crypto: Over $1.2 Trillion Traded In August Despite The Crash

The crypto market experienced a paradoxical August. While the price of Bitcoin plunged by 8.6%, trading volumes on exchange platforms surprised analysts by showing a significant increase.

Increased activity in a slumping crypto market

August saw trading volumes on exchange platforms reach $1.2 trillion, continuing the upward trend that started in July. 

This increase paradoxically comes in a context of declining prices of major cryptocurrencies, with Bitcoin notably registering a drop of 8.6% over the period.

This phenomenon is part of a broader trend observed in 2024. Since the beginning of the year, monthly average volumes have consistently exceeded $600 billion, double the average of $300 billion recorded in 2023. The introduction of spot Bitcoin and Ether ETFs has acted as a catalyst for this increased activity.

However, the derivatives market has seen a different evolution. Futures trading volumes on Bitcoin and Ethereum decreased by 8.33% and 8.62%, respectively, settling at $1.65 trillion and $743.86 billion.

Redistribution of market shares among major players

Binance maintains its dominant position with $448.45 billion in spot transactions and remains a leader in Bitcoin and Ethereum futures contracts. However, competition is intensifying with platforms like Bybit and Crypto.com gaining ground at the expense of OKX.

Despite a decline in spot trading, OKX retains a strong position in derivatives products. Other players, such as BitGet and Bybit, are also showing solid performances in Bitcoin and Ethereum futures markets.

This restructuring of the competitive landscape takes place in a context of increased volatility. September, traditionally dreaded in the crypto sector, promises to be particularly tense. The overall crypto market capitalization has already dropped by 3.32% in 24 hours, while digital asset investment products recorded outflows of $305 million last week.