Ethereum

Bitcoin

Block

when

The legitimate spot trading volume of centralized crypto exchanges (CEXs) increased by 13.7% in August to reach $877.5 billion. This is an improvement over $760 billion in July and marks a consecutive month of increased trading volume. 
The increase in trading volume in August happened despite most cryptocurrencies, including Bitcoin, finishing the month in the red. Before July, legitimate spot exchange trading volume had been in free fall since peaking at almost $1.7 trillion in March 2024. 
<h3 id="cexs-volume-performing-better-than-2023">CEXs’ volume performing better than 2023</h3> 
According to <a href="https://x.com/lars0x/status/1830598949662863657" rel="nofollow" target="_blank">data</a> from The Block, this year has been relatively great for CEXs spot trading volume. The average legitimate volume in the past eight months remains above $600 billion, showing that there has been sustained activity on exchanges despite the volatility in prices. 
This is far better than in 2023 when the average monthly trading volume was around $300 billion. This year’s positive volume results from improved crypto prices due to the arrival of spot Bitcoin and Ether exchange-traded funds. 
<figure id="attachment_582445" aria-describedby="caption-attachment-582445" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-582445" src="https://www.cryptopolitan.com/wp-content/uploads/2024/09/GWeYCq5WsAAcfjn.jpeg" alt="Centralized Exchange Volume" width="1280" height="710" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/09/GWeYCq5WsAAcfjn.jpeg 1280w, https://www.cryptopolitan.com/wp-content/uploads/2024/09/GWeYCq5WsAAcfjn-300x166.jpeg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/09/GWeYCq5WsAAcfjn-1200x666.jpeg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/09/GWeYCq5WsAAcfjn-768x426.jpeg 768w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-582445" class="wp-caption-text">
 Centralized Exchange Volume (Source: The Block)
 </figcaption>
</figure> 
Meanwhile, the overall spot exchange trading volume increased by 6.6% to $1.2 trillion in August, compared to $1.12 trillion in July. Although this still lowers the peak of $2.48 billion in March, it is an improvement on the $1.1 trillion bottom in June. 
In the derivatives market, things are looking a little different. The Block <a href="https://www.theblock.co/data/crypto-markets/futures" rel="nofollow noopener" target="_blank">data</a> only tracks Bitcoin and Ethereum futures and their trading volumes on centralized exchanges declined in August. Bitcoin futures fell 8.33% to&nbsp; $1.65 trillion, while Ethereum futures dropped 8.62% to $743.86 billion. 
<h3 id="binance-maintains-dominance-as-okx-loses-market-share-in-spot-trading">Binance maintains dominance as OKX loses market share in spot trading</h3> 
Meanwhile, Binance remains the biggest exchange by trading volume for spot and futures trading. It saw $448.45 billion in spot trading volume in August, while its derivatives trading volume was $535.07 billion for Bitcoin futures and $244.1 billion for Ethereum futures. 
In terms of spot trading, the closest competitors were Bybit with $154.26 billion, Crypto.com with $95.77 billion, and Huobi with $67.98 billion. This highlights how these exchanges, particularly Crypto.com and ByBit, have gradually eaten into the market share of OKX over the last three months. 
However, OKX remains a force to reckon with in derivatives trading. The exchange had $291.12 billion trading volume for Bitcoin futures and $205.15 billion for Ethereum futures. Other exchanges with strong performance include BitGet and ByBit. BitGet had a combined Bitcoin and Ethereum futures volume of $471 billion, while ByBit had $365.18 billion.

CEXs experience 13.7% growth in spot trading volume, hitting $877.5B in August

Table of Contents

Cryptopolitan_News

Other articles published on Sep 2, 2024

Is Africa missing the mark with Retail CBDCs?

Tron China Narrative is taking off…. TronDog is next 1000x! Excellent entry at $2M Market Cap

Ripple’s Chief Legal Officer Slams SEC’s Use Of ‘Crypto Asset Securities’: ‘Stop Trying to Deceiv...

Top 6 Events This Week Potentially Affecting Bitcoin Price

Haru Invest CEO Stabbed During Court Hearing in South Korea

Telegram Founder Pavel Durov's Arrest: A Closer Look at the Charges

Join our free newsletter for daily crypto updates!