Despite insolvency rumors, Huobi emerged as the second-largest exchange in terms of spot trading volume in August.
Grayscale’s victory over the SEC could be seen as a major setback for the financial regulator, which has intensified its enforcement efforts against the cryptocurrency industry. However, this landmark win did not translate into a notable increase in the accumulation of crypto assets in the spot market.
Spot trading volume on centralized exchanges has declined for the second consecutive month, dropping by 7.78% to $475 billion, representing the lowest monthly spot trading volume seen since March 2019. While Binance continues to hold its position as the largest spot trading platform in the crypto market, with recorded volumes of $183 billion, its market share has declined for the sixth consecutive month. In August, the CZ-led exchange market share fell to 38.5%, marking its lowest market share since August 2022.
Consequently, The Seychelles-based crypto exchange’s market share has climbed to 6.09%, making it the second-largest exchange after Binance. This achievement represents the highest market share Huobi has attained since October 2021.Apart from the decline in spot volumes, derivative trading volumes also witnessed a 12.5% decrease throughout last month, totaling $1.62 trillion. This marked the lowest monthly volume for derivatives since December 2022 and the second-lowest level since 2021.
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