Spot trading on centralized exchanges saw a 7.06% increase, reaching $1.54 trillion in volume.
According to CCData’s latest monthly report, trading volumes on centralized cryptocurrency exchanges continued to rise for the second straight month. In August, the total volume for spot and derivatives trading increased by 5.38%, reaching $5.22 trillion.
This surge is attributed to growing market volatility, driven in part by the unwinding of the Japanese Yen carry trade, which led to selling pressure across both traditional markets and cryptocurrencies.
Spot Trading Rises by 7%
Spot trading volumes on centralized platforms surged by 7.06%, reaching $1.54 trillion—the highest level since May. Similarly, derivatives trading volumes rose by 4.70% to $3.68 trillion, also the highest since May.
However, the report noted that the price downturn in August led to a wave of liquidations. Open interest across derivatives exchanges dropped by 15.7%, settling at $45.8 billion.
Crypto.com emerged as a leading performer, with a significant increase in its market share. Its spot trading volume climbed by over 38% to $95.6 billion, the highest level since 2022, while derivatives trading hit an all-time high of $104 billion. Coinbase International also posted strong gains, with derivatives trading volume rising by 106% to $58.2 billion.
In contrast, the Chicago Mercantile Exchange (CME) saw a slight 1.16% decrease in derivatives trading, particularly in ETH futures and options, which declined by 28.7% and 37%, respectively, signaling diminishing interest in Ethereum from institutional investors. On the other hand, CME’s BTC futures volume increased by 3.74% to $104 billion, while BTC options trading fell by 13.4%, hitting $2.42 billion.
Crypto ETFs Face Continued Outflows
Crypto funds continue to face challenges globally, with U.S. spot Bitcoin ETFs experiencing six consecutive days of outflows. On Wednesday, $37.29 million left these products, with Grayscale’s GBTC seeing the largest outflow of $34.25 million. Fidelity’s FBTC and VanEck’s HODL also recorded significant withdrawals. U.S. Ethereum ETFs have similarly faced outflows, with the Grayscale Ethereum Trust (ETHE) seeing net outflows of $40.63 million. Despite this, the Grayscale Ethereum Mini Trust recorded inflows of $3.12 million.
Overall, digital asset investment products saw $305 million in outflows last week, reflecting a growing wave of negative sentiment in the market. This trend is likely driven by stronger-than-expected economic data from the U.S., which has lowered the likelihood of the Federal Reserve implementing a 50-basis point interest rate cut. Bitcoin was particularly affected, seeing outflows of $319 million, though short Bitcoin products, which profit from falling prices, recorded inflows for the second week in a row, totaling $4.4 million.
