Global cryptocurrency trading activity reached a significant milestone in August, with total spot exchange volume reaching $1.86 trillion, as reported by The Block.
This represents a 5% increase from July and marks the highest level of monthly activity since January.
Binance consolidated its position as market leader with a volume of $737.1 billion. Bybit and Bitget followed with nearly identical volumes of approximately $126 billion each.
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The increase coincided with a notable rotation into Ethereum, as evidenced by significant inflows into US spot Ethereum ETFs, which contrasted with outflows from Bitcoin funds.
Decentralized exchange volume also rose significantly to $368.8 billion, led by Uniswap.