CryptoQuant Sees Volume Recovery in Bitcoin and Binance
CryptoQuant says Binance and Coinbase benefited most from the recovery, while futures on OKX and MEXC also picked up. The rebound lines up with the Bitcoin rally and may point to fresh buying interest.
Key Takeaways
- In August, CryptoQuant saw a clear recovery in trading volume on crypto exchanges, with spot volume around $75 billion and futures volume around $336 billion on August 21.
- The higher volume came alongside a 25% Bitcoin rally, which CryptoQuant sees as a sign of real buying interest instead of selling pressure.
- Binance handled most of the volume, while CryptoQuant sees the recovery as a possible early signal that the bear market is weakening.
CryptoQuant saw a clear recovery in August in trading volume on crypto exchanges, with spot volume around $75 billion (€64.9 billion) and perpetual futures around $336 billion (€291 billion) on August 21. According to the analytics firm, that rebound came alongside a price rally instead of a wave of selling, which it sees as an early sign that the crypto market may be climbing out of the bear market.
Spot Volume Picks Up Again
Spot volume on August 21 was the second-biggest day since the February peak. That ended a downtrend that had pushed activity to multi-year lows, while liquidity on exchanges kept drying up. Binance processed $19.4 billion (€16.8 billion) of that volume, followed by Coinbase with $8 billion (€6.9 billion) and Gate with $5.1 billion (€4.4 billion).
What stands out most is that earlier volume spikes in 2026 actually lined up with waves of selling. Back then, it was often exit volume, not new buyers. This time, it happened during a 25% rally in Bitcoin and other major coins, which CryptoQuant reads as a sign of real buying interest.
Futures and Shorts
Activity also picked up sharply in derivatives. On August 21, daily futures volume climbed to about $336 billion (€291 billion), the highest level since March. Binance was once again the biggest player with $124 billion (€107 billion), followed by OKX with $46 billion (€39.8 billion) and MEXC with $30 billion (€26 billion).
CryptoQuant does add one caveat here. According to the company, a large part of that futures spike came from short positions being hedged or liquidated as prices moved up quickly. The growth was still broad-based: in the 30 days through the end of August, volume on Gate rose 667%, Coinbase rose 429%, and OKX rose 213%.
Why This Matters for Europe
For European crypto followers, this matters because it shows how quickly market structure can shift when both spot and derivatives pick up at the same time. In the first quarter of 2026, 82% of market activity already came from derivatives, which highlights how important futures have become for overall trading. If that activity now lines up with higher spot volumes too, it could point to broader participation in the market, although that still does not say how long this recovery will last.
A broader recovery in spot volume in August had already shown that trading on major exchanges was picking up again. Bitcoin was trading around $77,424 (€67,000) on September 14, still below where it was a year earlier. CryptoQuant says the volume recovery may therefore be a sign that the bear-market decline is ending, but the coming weeks will have to show whether August was the start of a new phase or mostly just a short-lived bounce.
