Bitcoin Investors Return to Lower Risk Spot Exchanges While CME’s Monthly Volume Shoots Up 55%: CryptoCompare Report
In the month of August, where bitcoin’s price largely traded in the range of $11,000 to $12,000 turned out to be a good one overall, with the volume soaring on both spot and derivatives platforms.
According to the latest report by CryptoCompare, trading activity across all spot markets was higher last month, by 49.6% to $944.9bn, compared to July.
The volume on the top-tier exchanges increased by 58.3% to $529 billion, representing 64% of total volume. Lower-Tier volumes also increased by 30.2%, but they lost market share as users began shifting to lower risk, top tier exchanges.
In the derivatives market, volume jumped by 53.6% to $711.7 billion, continuing to represent just over 40% of the total market share. Here, even BitMEX saw a 43% increase in its volume, the same as OKEx and about half of Binance’s.
The highlight of the market, however, was CME, whose bitcoin futures volume shot up 36.3% to reach 203,867 contracts in August.
CME’s crypto derivatives volume, in total, increased by 55.7% in line with the unregulated derivatives competitors to each $12.02 billion.
CME options contract volumes also increased by 8.4% in August to 2,704 contracts traded.
Meanwhile, the leader in the options market, Deribit’s volumes remained steady at $4.05 billion traded throughout August, 0.5% down from July.
When it comes to fiat volumes, bitcoin trading into USD and JPY increased by 21% and 26%, respectively. Korean Won (KRW) markets increased by 23% while BTC trading into EUR jumped by 10%.
In the stablecoin market, BTC trading into USDT spiked by 16% to 6.25mn BTC, and the pair continues to represent the majority of BTC traded into fiat or stablecoin at a stable level of 65%
Meanwhile, BTC/USDC and BTC/PAX traded 72.0k BTC (up 8%) and 24.1k BTC (up 29%) respectively in August.