Cryptocurrency spot volumes surged during August 2020, with the top tier exchanges dominating the volatile digital asset markets, according to a report from the Bitcoin Mercantile Exchange (BitMEX).
The leading digital currency derivatives trading platform noted that in August 2020, the trading volumes on top-tier crypto exchanges grew 58.3% to $529 billion, meanwhile, the lower-tier volumes surged 30.2% to $291 billion. According to BitMEX’s market report, the top-tier exchanges now account for 64% of total volume (compared to only 60% during July 2020).
As noted by BitMEX:
“Binance (Grade A) was the largest Top-Tier exchange by volume in August, trading $124.9 billion (up 83%). This was followed by Huobi Global (Grade BB) trading $65.0 billion (up 176%), and OKEx (Grade BB) trading $64.7 billion (up 47%).”
The exchange also mentioned:
“Derivatives volumes increased 53.6% in August to $711.7 billion. Meanwhile, total spot volumes have increased by 49.6% to $944.9 billion. Derivatives continue to represent just over 40% of total market share. Derivatives exchanges saw significant increases in trading volume in August. Huobi (up 44.7%), OKEx (up 69.1%) and Binance (up 74.0%) led with $208.5 billion, $190.8 billion and $184.6 billion traded respectively. BitMEX traded $72.5 billion (up 43.6%) in August 2020.”
BitMEX further noted that the monthly CME futures contract volumes for Bitcoin grew 36.3% since July 2020. They reached 203,867 cryptocurrency futures contracts traded last month.
CME’s total crypto derivatives