Crypto exchange trading volume sees growth amid market decline

• Centralized exchanges saw a boost in spot and derivatives volumes for the second month.
• Crypto.com was the largest gainer in terms of spot market share in August.
• US investors are becoming risk averse, as evidenced by declining CME trading volume in August.

CCData released its monthly report on Wednesday, revealing that centralized exchanges witnessed significant surges in spot and derivatives trading volumes. Meanwhile, the CME experienced a decline in derivatives trading volumes, particularly in its ETH options and futures volume.

Crypto exchanges record second monthly rise in trading volumes in August, CCData

Cryptocurrency trading volume in centralized exchanges increased for the second month in a row as combined spot and derivatives volumes rose 5.38% to reach $5.22 trillion. 

CCData exchange reveals that an increase in volatility caused the rise in trading volume, as the Japanese Yen carry trade unrolled. This led to selling pressure in both traditional finance indices and digital assets.

Monthly spot trading volume in centralized exchanges surged by 7.06% to $1.54 trillion — their highest value since May. In the same light, derivatives trading volumes also hit their highest point since May, rising 4.70% to $3.68 trillion.

In contrast, August saw increased negative price action, which caused a hike in liquidations as open interest among derivatives exchanges fell 15.7% to $45.8 billion.

Crypto.com saw the highest gain in market share alongside an increase in its trading activity. Its spot trading volume increased over 38% to $95.6 billion, its highest since 2022. Concurrently, its derivatives volume also reached an all-time high of $104 billion last month.

Coinbase International also saw significant gains in its derivatives trading volume, rising by 106% to $58.2 billion.

Meanwhile, derivatives trading volume on the Chicago Mercantile Exchange dropped 1.16% to $129 billion. The report adds that the decline was mainly due to a dip in ETH futures and options volumes, which dived 28.7% and 37% to $14.8 billion and $567 million, respectively. 

The decline in trading volume in ETH products indicates low institutional interest in the asset and a potential risk-averse attitude among US investors.

In contrast, BTC futures trading volumes on CME grew by 3.74% to $104 billion, while its options volume dropped 13.4% to $2.42 billion.