ByBit records the highest percentage volume growth year-over-year for the consecutive months.
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.
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.
Among the ranking leaders, Binance consistently holds the top spot. The exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, 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.
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, including Bitcoin and Ethereum, fall to new lows in the early weeks of the month," CCData added.