Ethereum

Crash

Bitcoin

Trillion

<p>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.</p> 
<h2 id="h-increased-activity-in-a-slumping-crypto-market">Increased activity in a slumping crypto market</h2> 
<p>August saw trading volumes on exchange platforms reach $1.2 trillion, continuing the upward trend that started in July.&nbsp;</p>
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<p>This increase paradoxically comes in a context of declining prices of major cryptocurrencies, with <a href="https://www.cointribune.com/en/bitcoin-down-3-in-24-hours-161-million-liquidated/" target="_blank" rel="noreferrer noopener">Bitcoin notably registering a drop</a> of 8.6% over the period.</p> 
<p>This phenomenon is part of a broader trend observed in 2024. Since the beginning of the year, <a href="https://cryptodnes.bg/en/crypto-exchange-trading-volumes-surge-in-august-despite-market-decline/" target="_blank" rel="noreferrer noopener">monthly average volumes</a> 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.</p> 
<p>However, the derivatives market has seen a different evolution. <a href="https://www.cointribune.com/en/crypto-ethereum-collapses-waiting-for-a-spectacular-rebound/" target="_blank" rel="noreferrer noopener">Futures trading volumes on Bitcoin and Ethereum</a> decreased by 8.33% and 8.62%, respectively, settling at $1.65 trillion and $743.86 billion.</p> 
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<h2 id="h-redistribution-of-market-shares-among-major-players">Redistribution of market shares among major players</h2> 
<p><a href="https://www.cointribune.com/en/crypto-binance-strongly-responds-to-accusations-of-freezing-palestinian-assets/" target="_blank" rel="noreferrer noopener">Binance</a> 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.</p> 
<p>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.</p> 
<p>This restructuring of the competitive landscape takes place in a <a href="https://www.cointribune.com/en/?p=722599" target="_blank" rel="noreferrer noopener">context of increased volatility</a>. 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.</p>

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

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