Bitcoin, Ethereum Trading Volumes Headed for Worst Quarter Since 2019

Trading volumes for the largest cryptocurrencies in Bitcoin and Ethereum are on track for their worst quarter in four years.

2 min read

Sep 1, 2023

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.

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.

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.”

Get crypto news straight to your inbox--

sign up for the Decrypt Daily below. (It’s free).

Get Email!

Bitcoin ETFs Take in $1 Billion as BTC Price Nears $100,000

Bitcoin exchange-traded funds (ETFs) recorded near-record inflows yesterday of over $1 billion, as Bitcoin's price neared the $100,000 milestone for the first time amid volatile trading conditions. The huge inflows come after options trading on BlackRock’s spot Bitcoin ETF kicked off on November 19, following the Securities and Exchange Commission's (SEC) approval of the listing of options for spot Bitcoin ETFs last month. Blackrock’s iShares Bitcoin Trust (IBIT) attracted the largest inflows o...

Apple Admits to Security Vulnerability That Leaves Crypto Users Exposed—Here's What You Should Do

Apple confirmed Monday its devices were left vulnerable to an exploit that allowed for remote malicious code execution through web-based JavaScript, opening up an attack vector that could have part unsuspecting victims from their crypto. According to a recent Apple security disclosure, users must use the latest versions of its JavaScriptCore and WebKit software to patch the vulnerability. The bug, discovered by researchers at Google's threat analysis group, allows for “processing maliciously cr...

Solana Hits All-Time High Price Two Years After FTX Nearly Sent It to Zero

After three long years, Solana (SOL) has finally broken its all-time high price record, setting a new milestone above $260 on Thursday. Solana rose above the previous $260 record mark early Thursday afternoon, per data from Coinbase, continuing the asset's recent hot streak following the U.S. presidential election win of crypto candidate Donald Trump earlier this month. The jump also came following word that Gary Gensler, the SEC Chairman who led the regulator's crypto industry crackdown, will r...

News

Courses

Deep Dives

Coins

Videos