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In August, the combined spot and derivatives trading volume on centralised exchanges fell 11.5% to $2.09tn, recording the lowest combined monthly trading volumes this year. The decrease in trading volumes followed movements in price which led to the largest long liquidation event since the FTX collapse. This was the second-lowest combined volume on centralised exchanges since October 2020.
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Key takeaways:
- Spot trading volumes on centralised exchanges fell for the second consecutive month, falling 7.78% to $475bn. This was the lowest monthly spot trading volume recorded since March 2019. Moreover, daily volumes on centralised exchanges reached $5.90bn on August 26th, the lowest since February 7th 2019.
- Huobi became the second-largest spot exchange by volume In August. Spot trading volume on the exchange rose 46.5% to $28.9bn, contrary to the general trend in the market. This was the second consecutive monthly increase in trading volumes for the exchange, after a 79.1% rise last month. This is the highest market share attained by Huobi since October 2021.
- Binance remains the largest venue for spot trading in crypto, recording $183bn in volumes. However, the exchange’s market share has declined for the sixth consecutive month, falling to 38.5% in August, its lowest market share since August 2022.
- In August, the derivatives trading volume on centralised exchanges fell 12.3% to $1.62tn, the second lowest since December 2020. Consequently, the derivatives market share has declined for the third consecutive month to 77.3%.
- ETH options volume on the CME set a new all-time high in August, soaring by 77.0% to $365mn. BTC options volume on the exchange also expanded by 18.8%, hitting $872mn. In the same month, the overall derivatives trading volume on the exchange increased by 4.51% to $41.9bn.
Combined Spot and Derivatives Volumes Reach Lowest Level This Year
In August, the aggregated spot and derivatives trading volume on centralised exchanges declined by 11.5%, totaling $2.09tn. This is the lowest combined monthly trading volume observed this year and the the second-lowest combined volume on centralised exchanges since October 2020.
Huobi Defies Market Trend, Becomes Second-Largest Spot Exchange by Volume
In stark contrast to the broader market trend, Huobi's spot trading volume surged by 46.5% to $28.9bn in August. This impressive gain marked the second month of consecutive growth for the exchange, following a 79.1% spike in the previous month. This is Huobi's highest market share since October 2021.
Binance's Dominance Continues to Wane Amidst Shifting Market Share
While Binance still remains the largest exchange for crypto spot trading, with volumes of $183bn, its market share shrank for the sixth straight month, settling at 38.5%, the lowest since August 2022. Year-to-date, Binance, Crypto.com, and BeQuant have observed the steepest declines in market share based on spot trading volume, dropping by 12.9%, 4.24%, and 2.36%, respectively.
ETH Options Volume on CME Hits All-time High in August
ETH options volume on the CME surged in August, rising 77.0% and setting a new all-time high of $365mn. Meanwhile, BTC options volume also saw significant growth, increasing by 18.8% to reach $872mn. Overall, the exchange reported a 4.51% uptick in derivatives trading volume, closing the month at $41.9bn.
The information provided by this report does not constitute any form of advice or recommendation by CCData. Any redistribution of charts appearing in this Review must cite CCData as the sole provider and creator.
About CCData
CCData is an FCA-authorised benchmark administrator and global leader in digital asset data, providing institutional-grade digital asset data and settlement indices. By aggregating and analysing tick data from globally recognised exchanges and seamlessly integrating multiple datasets, CCData provides a comprehensive and granular overview of the market across trade, derivatives, order book, historical, social and blockchain data.
