CryptoQuant Data Shows Trading Volume Recovery Amid Bear Market Downturn

Cryptocurrency exchange trading volume has emerged from a bear market slump in August, according to CryptoQuant data. Spot trading reached approximately $7.5 billion on August 21, while perpetual futures trading hit around $33.6 billion.

Analysts interpret this rebound as an early signal of a new bull market, noting that the surge occurred alongside price increases rather than selling pressure.

The August 21 spot volume marked the second-largest since February's peak, ending a prolonged downturn where exchange liquidity dwindled and activity fell to multi-year lows. Binance processed $19.4 billion, Coinbase $8 billion, and Gate.io $5.1 billion in spot trading that day.

Unlike the March 2026 surge—which reflected selling pressure—the recent spike coincided with a 25% rally in major coins like Bitcoin (BTC), suggesting genuine buying interest according to CryptoQuant.

Overall growth was broad-based. Spot volume's 30-day change rate reached its fastest pace since early 2026 by August 25, with Gate.io up 667%, Coinbase 429%, and OKX 213%. Binance and smaller exchanges saw increases of about 157-163%.

Leveraged trading also rose, reaching $33.6 billion on August 21—the highest since March—with Binance leading at $124 billion, followed by OKX at $46 billion and MEXC at $30 billion. However, CryptoQuant noted most of this surge stemmed from traders closing short positions or forced liquidations amid price surges.

Despite this, the futures market showed overall growth, with 30-day volatility peaking around August 24-25. Binance rose 202%, Bybit 184%, and OKX, Coinbase, and Gate.io saw gains of 407%, 378%, and 305% respectively.

Bitcoin has since stabilized near $77,424 as of September 14, significantly below its year-ago level. It remains unclear whether August's activity marks the start of a sustained trend or merely a temporary leveraged surge over the coming weeks.