Crypto Trading Volume Witnesses Overall Drop in September, while Binance and OKX See Slight Increase
In September, the Ethereum blockchain's Merge failed to pull the crypto market out of "winter". The markets were down a slippery slope with BTC and ETH slipping to red again after green signals early in the month. Undoutedly, the trend continued due to macroeconomic conditions, including soaring inflation, investors' fears of a recession, Feds' rate hike of 75bps, as well as sharp decline of British pound value. Fazzaco has collected data on trading volumes of top 6 crypto exchanges in September 2022 to further analyse the situation of the crypto market during the month.
The top six crypto exchanges described in this article include Binance, Coinbase, FTX, OKX, Huobi Global, and Crypto.com. As shown in the figure below, compared to the previous month, the trading volume of major exchanges kept a downward trend in September, while the crypto exchange Binance and OKX showed another month-on-month increase in their trading volumes.
Overall, Crypto.com saw the biggest month-on-month decline at 44.89%, followed by Coinbase and Huobi Global at 17.52% and 6.57% respectively. FTX was down just 2.39%. By contrast, Binance witnessed a slight increase of 7.27% in September following its strong performance in August and OKX also achieved another growth of 1.76% after July.
The detailed trading volumes of each crypto exchange in September are as follows:
Binance registered a total trading volume of $1.98 trillion in September, up 7.27% from $1.85 trillion in August 2022.
This month, Binance further expanded its global footprints by obtaining MVP license in Dubai and regulatory registration in New Zealand. Also, the bellwether sought license to reenter Japanese crypto market following its exiting 4 years ago and relaunched crypto futures in South Africa. In response to regulatory challenges, the crypto leader formed Global Advisory Board and tapped SVP Compliance from its rival Kraken.
The trading volume declined to $47.89 in September, down 17.52% from $58.06 billion in August 2022.
Coinbase, in order to meet demands from institutions, built partnership with global fintech leader Broadridge Financial Solutions, Inc., which brought linquidity to the crypto market. Besides, the company received nod to offer crypto services in the Netherlands.
OKX saw a slight increase of 1.76% in its total trading volume in September with $510.38 billion, compared to $501.56 billion last month. The spot volume in September were $58.16 billion.
In September 2022, Huobi Global witnessed 6.57% decline in total trading volume, falling from the previous month's $105.93 billion to $98.97 billion. The spot volume saw a month-on month decrease of 10.75%, from $23.25 billion to $20.75 billion.
FTX saw a total trading volume of $291.29 billion in September, dropping by 2.39% compared to $298.41billion in August 2022. In the spot market, the trading volume in September was $53.64 billion.
In September 2022, Crypto.com saw the largest decrease among these top 6 exchanges with $25.92 billion of total trading volume, plummeting 44.89% from $47.03 billion in August 2022. The crypto exchange witnessed the lowest trading volume since May.
In line with its growing global presence, Crypto.com obtained regulatory approval to operate as digital asset service provider in France.
September was said to be the worst month for Bitcoin based on historical conditions, so the market did a lot better than many expected according to the above data. We should not expect a rebound in crypto markets this year due to the economic fallouts, some experts say.
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