Although
August was one of the worst months for Bitcoin (BTC) price this year, retail
investor activity on leading centralized exchanges rebounded significantly.
Reaching nearly $910 billion, August volumes hit their highest levels since May
2024. However, it’s worth noting that this is still over 50% less than the
record-breaking March, when volume reached $2.1 trillion.
Top Crypto Exchanges
Continue Upward Trend
According
to the latest analysis by Finance Magnates Intelligence, the total spot
volume for the 10 largest centralized exchanges in August was $908 billion,
representing a 5% increase compared to the $845 billion reported a month
earlier.
“Derivatives
trading volume on centralized exchanges also rose to the highest level since
May, rising 4.70% to $3.68 trillion. The negative price action throughout the month
resulted in cascading liquidations, with the aggregate open interest on
derivatives exchanges falling by 15.7% to $45.8 billion in August,” CCData commented in its newest report.
While this
is significantly less than in March when Bitcoin’s price tested all-time highs,
investor activity remains robust despite less attractive prices.
Only Huobi (-14%) and Upbit (-5%) experienced declines in trading volume month-over-month, while
the remaining platforms saw increases. Kraken recorded the strongest rebound
(19%) among them.
Podium Remains Unchanged,
but OKX Gains Ground
Among the
ranking leaders, Binance consistently holds the top spot. The exchange, with a
volume of $449 billion, accounted for 49% of the total turnover of the top 10
crypto exchanges. Bybit ranks second with 17% (volume $154 billion), and Huobi
remains in third place (7%), similar to last month.
The only
difference is that OKX and Coinbase once again swapped positions. In August,
OKX reclaimed fourth place after a 7% increase in volume to $67 billion.
Coinbase dropped to fifth as its 4% jump ($66.7 billion) was too modest.
ByBit Up 560% Compared to
2023
However, when
looking at the results year-over-year, the difference is colossal. The average
volume increased by 155% annually, with Bybit leading. In August
2023, the platform’s volume was $23 billion, growing by over 560% to the
current $154 billion.
OKX gained
nearly 200%, Coinbase volumes grew by 150%, and Binance, Huobi, KuCoin, and
Bitstamp also recorded triple-digit increases.
“In August,
the combined trading volume of spots and derivatives on centralized exchanges
rose amidst a surge in volatility that saw major digital
assets,…
