Bitcoin spot trading volume across centralized crypto exchanges has plummeted to levels not seen since October 2020.
The report cited data from The Block that showed crypto spot monthly trading volume was less than $423 billion for the month of August, the lowest since October 2020.
It also pointed to data showing spot trading volume has retracted further than derivatives volume. Referring to data from Monday, the Bitfinex report stated,"Yesterday’s figures recorded that the derivatives volume was 20 times spot volume across major exchanges."In a note sent to The Block, Bitfinex analysts said market pessimism was on the rise.
However, the report saw a positive sign in macroeconomic data emerging from the U.S."Wage growth is slowing in the U.S., signaling an easing of inflationary pressure and supporting our view that rates will be left on hold at the next FOMC," the report concluded.Both spot and derivatives trading volume data signal this lack of optimism. CryptoQuant data offers some perspective on the size of the drop in trading volume since March of this year.
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