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Election 2024

August's Bitcoin Rally Led to Record Crypto Derivatives Volumes: Report

CryptoCompare's latest report shows crypto derivative volumes were up 54% in August – likely a result of the rally in bitcoin's price.

By Paddy Baker
AccessTimeIconSep 7, 2020 at 2:37 p.m. UTC
Updated Mar 2, 2023 at 10:42 p.m. UTC
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Trading volumes for crypto derivatives rebounded to record levels as bitcoin's rally to $12,000 spurred on speculation, according to a newly released report.

  • CryptoCompare said crypto derivative volumes rose 54% to more than $710 billion in August in its monthly Exchange Review.
  • That's a new all-time high, with August's figures now far exceeding the $602 billion monthly volumes reported in May.
  • Spot markets also experienced a surge in activity, with August trading volumes coming to $820 billion – nearly $400 billion up from July's numbers.
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    • Constantine Tsavliris, CryptoCompare's head of research, told CoinDesk that the surge in crypto derivative volumes was likely a result of last month's rally, which brought bitcoin from $9,200 to near $12,400 at its peak.
    • Spot price movement and volatility were higher in August than July, said Tsavliris.
    • As a rule, this generally leads to greater trading activity for cryptocurrencies and their derivatives.
    • Derivative volumes soared to then-record highs in May due to speculation surrounding the bitcoin halving event.
    • Volumes in March were also high, primarily as a result of the pandemic and the ensuing global sell-off in both crypto and traditional markets.
    • Derivative volumes in June and July were lower, at $445 billion and $393 billion respectively, when volatility was stuck in the doldrums.

    See also: Crypto Exchanges See Big Drop in Volumes as Bitcoin Volatility Approaches 2020 Low

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

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