Spot trading volumes at India’s major crypto exchanges rose more than 20% as Bitcoin climbed toward $80,000 last week, according to a Moneycontrol report published August 24.
CoinDCX’s spot volume roughly doubled to about $13 million in the final two days of the rally week, its co-founder said.
Bitcoin’s sharpest rally in three years lifted spot trading volumes at India’s major crypto exchanges by more than 20 percent, with futures volumes rising faster than spot at the exchanges that disclosed both figures, according to a Moneycontrol report published August 24.
What Each Exchange Reported
Bitcoin neared $80,000 last week and was trading at $77,000 on the morning of August 24. CoinDCX, CoinSwitch, WazirX, Mudrex, and Giottus each recorded increases in spot and futures volumes over the period.
CoinDCX’s trading volume more than doubled between August 19 and August 21. Co-founder and CEO Sumit Gupta told Moneycontrol that spot volume rose from around $5–6 million to approximately $13 million over the final two days, and that average trading volume on August 23 was about 11.7 million USDT. Bitcoin volume on the platform rose from roughly $300,000–$700,000 during the earlier period to $2 million on August 21.
Mudrex reported spot volumes up 20% week-on-week.
Giottus reported spot volume up 22% and futures up 31%. CEO Vikram Subburaj said that after adjusting for the increase in participants, average volume per trader rose by approximately 10% in spot and 11% in futures.
WazirX said its futures volumes surpassed spot trading. “Futures reacted more sharply than spot, with daily Futures volumes increasing by almost 7x between 16 and 22 August. We also saw a meaningful increase in the number of active Futures traders during the same period,” VP Rajagopal Menon said.
The exchanges told Moneycontrol that users were buying more in spot trades rather than liquidating, as policy discussions in the United States improved sentiment.
What Triggered the Move
The rally began on August 19, when the US Treasury Department announced it would increase the size of its liquidity support buyback operations for longer-dated nominal coupon securities in the 10-year to 20-year and 20-year to 30-year sectors. The department said the maximum size per operation would rise from $2 billion to at least $4 billion, effective September 9 and running through November 4.
The announcement sent yields sharply lower, with the benchmark 10-year note closing down 5.7 basis points to 4.647% and the 30-year bond falling 9 basis points to 5.196%, CNBC reported.
Subburaj said the initial spark came from the US bond market. “Although the larger purchases begin only on September 9, markets interpreted the decision as a strong liquidity signal. Long-term yields initially declined and the dollar weakened. This created a more favorable setting for bitcoin,” he said.
The same day, President Donald Trump hosted crypto executives at the White House and called on Congress to pass the Digital Asset Market CLARITY Act, urging lawmakers to approve a “fair version of the Clarity Act.” Attendees included Coinbase CEO Brian Armstrong, Payward co-CEO Arjun Sethi, Ripple CEO Brad Garlinghouse, and Robinhood CEO Vlad Tenev, alongside SEC Chairman Paul Atkins and CFTC Chair Mike Selig.
The bill is expected to return to the Senate floor in September after lawmakers left for recess without a procedural vote, with Republicans needing roughly six Democratic votes to reach the 60-vote threshold. GENIUS Act rules are expected to be finalized before November. The Crypto Times has been tracking the CLARITY Act timeline since the bill cleared the Senate Banking Committee in May.
The Crypto Times reported that US spot Bitcoin ETFs received around $1.6 billion in net inflows in 4 days after Bitcoin broke out of its range; those inflows and the liquidation of more than $4 billion in short positions accelerated the advance. The figure marks a reversal from earlier in the month, when the category was running a four-day inflow streak worth roughly $626 million after July’s heavy redemptions.
Which Tokens Drew Volume
Beyond Bitcoin, Indian exchanges reported participation in Ethereum, XRP, Solana, and HYPE.
CoinSwitch said Ethereum, XRP, Doge, Shiba Inu, and Solana saw strong interest. “The broader participation is encouraging because it suggests the move is not restricted to BTC alone,” VP-Business India Balaji Srihari said. CoinDCX said its HYPE volumes rose from below $25,000 to nearly $190,000.
Giottus said XRP was particularly sensitive to shifts in US regulatory expectations, while Solana offered traders a higher-beta expression of the return of risk appetite. Mudrex reported increased interest in commodities, including gold (XAUt) and silver.
What the Exchanges Say Comes Next
Mudrex head of business Prateek Gupta said it is too early to call the rally sustainable. “While Friday’s strong close above $78,000 is a huge positive for the markets, the quality of the rally matters more than its speed… On the other hand, if activity is predominantly driven by leverage or reactions to a single headline, a pullback towards the $65,000 zone is possible,” he told Moneycontrol.
Srihari said he would watch whether Bitcoin holds above $75,000 support and breaks $80,000 resistance decisively, describing it as a shift in momentum that still needs confirmation.
None of the exchanges stated what share of current volume is leverage-driven. The Crypto Times contacted CoinDCX and CoinSwitch at 9:55 am UTC for their current spot-to-futures volume split.
