Crypto exchanges’ monthly spot trading volume rose by 5% from July’s $1.77 trillion and reached a new high of $1.86 trillion in August, the highest since January.
According to Coinglass data, Binance maintained the largest market share in August, with its spot trading volume rising to $737.1 billion from $706.1 billion in July. It was followed by Bybit, which had $126.5 billion in August trading volume, a little more than Bitget’s $126.1 billion.
At the same time, decentralized exchange volume also climbed to the yearly high of $368.8, led by Uniswap with $143 billion and PancakeSwap at $58.7 billion.
Heightened Trading Activity Leads to Surge in Trading Volume
The rise in August’s exchange trading volume also comes with an increased investor inclination toward Ethereum in the past few weeks. Recently, many Bitcoin Whales also moved their capital from Bitcoin to Ethereum, in a phenomenon known as capital rotation.
According to SoSoValue data, the U.S. spot Ethereum exchange-traded funds saw $3.87 billion in monthly inflows in August, while their Bitcoin counterparts recorded monthly outflows of $751.1 million.
Also Read: India Tops Global Crypto Adoption Index for 3rd Consecutive Year
