Crypto exchange volume has seen an incredible rise for the first time since January, as it rose from $1.77 trillion in July to $1.8 trillion in August.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
3 mins read
For the first time since January this year, crypto exchange volume topped $1.8 trillion in August. Also, there was a notable rise in Decentralized Exchange (DEX) volume in August.
According to The Block’s data dashboard, crypto exchanges saw their spot trading volume rise 5% in August from July’s $1.77 trillion.
This spike represents the most substantial monthly activity that these protocols have recorded since January. Top crypto exchanges like Binance, Huobi, Bybit, and Bitget contributed to this rally.
As has been the trend, leading digital asset service provider Binance dominated the market with the largest share in August. It landed a spot trading volume of $737.1 billion after recording $706.1 billion in July. Noteworthy, the Richard Teng-led behemoth raked in $801.1 billion in spot trading volume in January, leaving it at its highest level since the year began.
It was followed by Bybit, which scooped $126.5 billion in August trading volume. This exchange only edged out Bitget by a few million as the latter had $126.1 billion in trading volume. Coincidentally, August was the same month when Ethereum ETH $4 378 24h volatility: 1.1% Market cap: $528.12 B Vol. 24h: $32.74 B saw strong institutional interest, especially from the likes of SharpLink Gaming and BitMine.
The second-largest cryptocurrency by market cap registered more traction than it had seen in previous months. During the last week of August, Ethereum Exchange Traded Funds (ETFs) reportedly attracted over 10x the inflows seen in spot Bitcoin ETFs. Precisely, the ETH funds brought in $1.83 billion in inflows over five trading sessions, while its BTC BTC $111 599 24h volatility: 1.8% Market cap: $2.22 T Vol. 24h: $46.55 B counterpart had only $171 million.
By the end of August, SoSoValue showed that US spot Ethereum ETFs had $3.87 billion in monthly inflows, while spot BTC ETFs recorded monthly outflows of $751.1 million.
Besides the rally in spot trading volume on crypto exchanges, August was the month that DEX volume climbed to $368.8 billion. With $143 billion secured, Uniswap led the other DEXes on the block and was followed by PancakeSwap at $58.7 billion.
Ethereum played a crucial role in the crypto exchange milestone this past few months.
The coin caught the eyes of several investors and traders this past month. The spike in its price and the capacity to maintain the new price level have kept many investors glued to the ecosystem. There have been reports of some Bitcoin whales selling off their holdings to acquire Ethereum.
Lookonchain discovered an old Bitcoin wallet that had accumulated 100,784 BTC for $642 million over the past seven years. Its BTC holdings have now grown to a worth of over $11.4 billion. The whale dumped 22,769 BTC, worth $2.59 billion, and received 472,920 ETH, worth $2.22 billion at the time.
It is worth noting that this was just around the time when the asset hit a new all-time high (ATH) of $4,953. Currently, ETH price is $4,320.70, with a 1.73% dip over the last 24 hours.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
