Bitcoin's spot trading volumes for the current quarter have totaled $721.10 billion, according to CoinGecko data.

If September's volumes mirror those of July and August, it will mark the lowest trading volumes for a quarter since Q1 2019. Quarterly trading volumes hovered over $2 trillion for most of the time between 2019 and 2023.

Over the previous two months, Bitcoin saw trading volumes of $345.89 billion and $354.84 billion, respectively.

If conditions remain unchanged and September's volumes hover around $350 billion, the quarterly trading volumes would come close to $1.05 trillion.

For comparison, last quarter, the total quarterly trading volumes were $1.25 trillion, marking a potential 14% decline month over month.

CoinGecko data shows that the total trading volume for Bitcoin in the first quarter of 2019 was $541.3 billion.

A chart with blue bars.
Bitcoin quarterly trading volumes. Source: CoinGecko.

Bitcoin quarterly trading volumes. Source: CoinGecko.

Ethereum paints the same picture

The conditions are similar for Ethereum (ETH).

In July and August, ETH recorded trading volumes of $232.06 billion and $212.92 billion, respectively.

If Ethereum’s September trading volumes reach approximately $220 billion, the cumulative quarterly trading volume for ETH would be just over $650 billion, a level not seen since 2019.

In Q4 2019, the total spot trading volumes for ETH amounted to $740.64 billion.

A chart with blue bars.
Ethereum quarterly trading volumes. Source: CoinGecko.

Ethereum quarterly trading volumes. Source: CoinGecko

According to a previous CoinGecko report, spot trading volumes for the entire crypto market on centralized crypto exchanges dropped by 43% in the second quarter of 2022.

Institutional trading firm Genesis Trading said in its last quarter report that derivatives will likely play a crucial role in the future growth of crypto volume, with “spot market liquidity suffering and spot order book depth chronically flagging.”

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.