Though August was one of many worst months for Bitcoin (BTC) value this 12 months, retail investor exercise on main centralized exchanges rebounded considerably. Reaching practically $910 billion, August volumes hit their highest ranges since Could 2024. Nevertheless, it is value noting that that is nonetheless over 50% lower than the record-breaking March, when quantity reached $2.1 trillion.
Based on the newest evaluation by Finance Magnates Intelligence, the whole spot quantity for the ten largest centralized exchanges in August was $908 billion, representing a 5% enhance in comparison with the $845 billion reported a month earlier.
“Derivatives buying and selling quantity on centralized exchanges additionally rose to the best stage since Could, rising 4.70% to $3.68 trillion. The unfavorable value motion all through the month resulted in cascading liquidations, with the mixture open curiosity on derivatives exchanges falling by 15.7% to $45.8 billion in August,” CCData commented in its latest report.
Whereas that is considerably lower than in March when Bitcoin’s value examined all-time highs, investor exercise stays sturdy regardless of much less enticing costs.
Solely Huobi (-14%) and Upbit (-5%) skilled declines in buying and selling quantity month-over-month, whereas the remaining platforms noticed will increase. Kraken recorded the strongest rebound (19%) amongst them.
Podium Stays Unchanged, however OKX Features Floor
Among the many rating leaders, Binance constantly holds the highest spot. The change, with a quantity of $449 billion, accounted for 49% of the whole turnover of the highest 10 crypto exchanges. Bybit ranks second with 17% (quantity $154 billion), and Huobi stays in third place (7%), much like final month.
The one distinction is that OKX and Coinbase as soon as once more swapped positions. In August, OKX reclaimed fourth place after a 7% enhance in quantity to $67 billion. Coinbase dropped to fifth as its 4% leap ($66.7 billion) was too modest.
ByBit Up 560% In comparison with 2023
Nevertheless, when wanting on the outcomes year-over-year, the distinction is colossal. The typical quantity elevated by 155% yearly, with Bybit main. In August 2023, the platform’s quantity was $23 billion, rising by over 560% to the present $154 billion.
OKX gained practically 200%, Coinbase volumes grew by 150%, and Binance, Huobi, KuCoin, and Bitstamp additionally recorded triple-digit will increase.
“In August, the mixed buying and selling quantity of spots and derivatives on centralized exchanges rose amidst a surge in volatility that noticed main digital belongings, together with Bitcoin and Ethereum, fall to new lows within the early weeks of the month,” CCData added.
What would possibly September convey? Traditionally, it is one of many worst months of the 12 months for Bitcoin costs. Nevertheless, the BTC value appears to carry regular at across the psychological stage of $60,000.
