Crypto exchange trading activity saw a significant rebound in August, breaking away from long-term bear market lows. Data from CryptoQuant shows that on August 21, spot trading volume reached $75 billion, while perpetual futures volume climbed to approximately $336 billion.
The spot market activity on August 21 marked the second-highest session since February. Binance led the spot market with $19.4 billion, followed by Coinbase with $8 billion and Gate with $5.1 billion. This surge coincided with a 25% rally in Bitcoin and other major assets.
Growth in spot volume was widespread, with 30-day changes peaking around August 25. Gate recorded a 667% increase, Coinbase grew by 429%, and OKX rose by 213%. Binance and other smaller venues saw growth between 157% and 163% during this period.
Futures trading also reached its highest level since March on August 21. Binance accounted for $124 billion, OKX for $46 billion, and MEXC for $30 billion. Analysts note that much of this activity stemmed from short covering and liquidations during the price climb.
The 30-day expansion in futures volume peaked on August 24 and 25. OKX, Coinbase, and Gate reported the fastest growth rates at 407%, 378%, and 305% respectively. CryptoQuant suggests these trends may indicate the end of the bear market downtrend.
