📈 Spot trading volume across crypto exchanges increased in August, with the Crypto.com Exchange ranking as the top crypto exchange with USD support

Spot trading volume across crypto exchanges increased in August, with the Crypto.com Exchange ranking as the top USD-supported crypto exchange. Qatar released a regulatory framework for digital assets

Crypto Market Pulse

Quick Take

  • Spot trading volume across crypto exchanges increased in August, with the Crypto.com Exchange ranking as the top USD-supported crypto exchange. Qatar released a regulatory framework for digital assets
  • US spot Ethereum ETFs saw a US$91 million net outflow last week (past five trading days), while spot Bitcoin ETFs had a weekly net outflow of $882 million.
  • On the macro side, Canada reduced interest rates by 0.25% to 4.25% last week, the third consecutive cut this year. The US released a mixed jobs report. Unemployment rate decreased 0.1% to 4.2% in August, in line with expectations; however,  nonfarm payrolls expanded to 142,000 in August, higher than 89,000 in July but lower than Dow Jones’s consensus of 161,000, suggesting a labour market slowdown. The latest CME FedWatch Tool showed a 100% probability of a September rate cut in the US
  • Notable updates: Sky (formerly MakerDAO) and Aave shared details about a partnership called ‘Sky Aave Force’, Polygon Ecosystem Token’s (POL) Polygon Miden alpha testnet v4 went live on 6 September; the Crypto.com App listed Neiro Ethereum (NEIROETH).
  • Notable events in the coming week: ECB interest rate decision, US presidential debate and Consumer Price Index

Weekly Market Index

Price and volatility indices decreased by -7.82% and -32.60%, respectively. The volume index increased by +0.69% last week. This coincided with a broader decrease in the equities market with concerns of a US labour market and economy slowdown. 


Chart of the Week

Monthly spot trading volumes across cryptocurrency exchanges increased to $1.2 trillion in August, 7% higher than July 2024 and 179% higher than August 2023, according to the Block

The Crypto.com Exchange was the leading crypto exchange with USD support by spot trading volume in August, claiming the title for the second consecutive month.


Weekly Performance

BTC and ETH decreased by -7.0% and -9.4%, respectively, in the past seven days. Price action for most other selected top market capitalisation tokens was also down. AVAX (+1.6%) and OP (+1.0%) increased while ATOM (-16.7%) led the drop.

Key categories were all down in market capitalisation in the past seven days. The Layer-1 (L1) category led the drop.


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News Highlights

ETFs and Funds

Regulations

Adoption

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Catalyst Calendar

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Research and Insights Team

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