Crypto Exchange Volume Reaches $1.8 Trillion in August
In August, crypto exchange volume exceeded $1.8 trillion for the first time since January, increasing from July's $1.77 trillion. This rise includes a notable increase in Decentralized Exchange (DEX) volume.
Binance Leads Crypto Exchange Volume Rally
- Spot trading volume rose 5% in August, reaching $1.8 trillion.
- Binance maintained market dominance with $737.1 billion in spot trading volume, up from $706.1 billion in July.
- Bybit and Bitget followed with $126.5 billion and $126.1 billion in trading volume, respectively.
- Ethereum saw strong institutional interest, particularly in August, with ETH Exchange Traded Funds (ETFs) attracting over $1.83 billion compared to $171 million in Bitcoin ETFs.
- US spot Ethereum ETFs had $3.87 billion in monthly inflows, while Bitcoin ETFs experienced outflows of $751.1 million.
- DEX volume reached $368.8 billion, with Uniswap leading at $143 billion.
Massive Institutional Interest in Ethereum
- Ethereum's recent price spike attracted significant investor attention.
- Some Bitcoin whales sold holdings to acquire Ethereum; one wallet sold 22,769 BTC for 472,920 ETH worth $2.22 billion.
- Ethereum reached an all-time high of $4,953 during this period; current price is $4,320.70, reflecting a 1.73% dip in the last 24 hours.