Top 10 Crypto Exchanges See Mixed Spot Trading Volume in August, Slight Drop Month-on-Month
Fazzaco summarized the spot trading volume data of the Top 10 crypto exchanges for the month of August 2023. From the data, it can be seen that the total spot trading volume of the crypto community in August is still declining, but the overall situation is more complicated. Among the top 10 exchanges in August, six fell month-on-month, while four rose month-on-month. Among them, Upbit and LMAX Digital had larger declines, respectively 47.79% and 36.44%; among the four that rose, only Huobi had a considerable increase, reaching 47.58%. The specific data are as follows:
Binance, the world's largest crypto exchange, had a spot trading volume of US$192.12 billion in August, down 8.33% month-on-month from US$209.58 billion in July 2023.
The executive exodus at Binance is still continuing. In early September, Binance product manager Mayur Kamat announced that he would also leave Binance after nearly two years of service at the exchange.
Upbit is one of the largest crypto exchanges in South Korea at present. In August, its spot trading volume was US$31.8 billion, down 47.79% month-on-month from US$60.91 billion in July 2023.
Huobi's spot trading volume was US$31.36 billion in August, up 47.58% month-on-month from US$21.25 billion in July 2023. Huobi has achieved higher month-on-month increases for two consecutive months. In July, the exchange's spot trading volume increased by 78.42% month-on-month.
Coinbase, the leading US exchange, had a spot trading volume of US$26.59 billion in August, down 8.91% month-on-month from US$29.19 billion in July 2023.
OKX's spot trading volume was US$23.63 billion in August, down 16.41% month-on-month from US$28.27 billion in July 2023.
Bybit, a crypto exchange based in Dubai, UAE, had a spot trading volume of US$23.25 billion in August, up 2.97% month-on-month from US$22.58 billion in July 2023.
Gate.io, a crypto exchange that was first established in China in 2013 and later moved to the Cayman Islands, had a spot trading volume of US$15.36 billion in August, up 18.70% month-on-month from US$12.94 billion in July 2023.
Kraken's spot trading volume was US$13.76 billion in August, up 0.88% month-on-month from US$13.64 billion in July 2023.
Kucoin, an offshore-regulated crypto exchange, had a spot trading volume of US$10.09 billion in August, down 25.37% month-on-month from US$13.52 billion in July 2023.
LMAX Digital is a crypto exchange operated by LMAX Group, which is regulated by the UK FCA. Its spot trading volume was US$5.11 billion in August, down 36.44% month-on-month from US$8.04 billion in July 2023.
From the above data, it can be seen that the crypto spot trading market continued to decline in August 2023. Among them, given Binance's huge size - Binance's spot trading volume (US$1921) alone exceeded the sum of the remaining nine (US$1809) - therefore, although Binance only saw an 8.33% month-on-month decline in August, it was still the main reason for the continued decline of the crypto spot trading market in August.
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