CryptoQuant Flags Volume Revival as Another Crack in Bear Market Downtrend

Crypto exchange trading volume broke out of its bear‑market slump in August, according to data from analytics firm CryptoQuant. Spot trading hit roughly $75 billion on August 21, while perpetual futures volume rose to about $336 billion.

Spot Volume Returns With the Rally

The August 21 session recorded the second‑largest spot volume since February’s peak, ending a multi‑year low‑volume downtrend. Binance handled $19.4 billion of the total, followed by Coinbase with $8 billion and Gate.io with $5.1 billion. Unlike earlier 2026 spikes that coincided with sell‑offs, this increase occurred during a 25 % rally in Bitcoin and other major coins, suggesting genuine buying pressure.

Broad Exchange Growth

• Gate.io spot volume rose 667 % over the prior 30 days.
• Coinbase spot volume increased 429 %.
• OKX spot volume grew 213 %.
• Binance and smaller venues expanded by roughly 157 %–163 %.

Leverage Activity Mirrors Spot Rise

Perpetual futures volume also surged, reaching the highest daily total since March. Binance contributed $124 billion, OKX $46 billion, and MEXC $30 billion. CryptoQuant noted that much of the futures spike stemmed from short‑covering and liquidations as prices climbed.

Futures Growth Across Exchanges

• Binance futures volume up 202 % over the prior 30 days.
• Bybit futures up 184 %.
• OKX, Coinbase, and Gate.io showed the fastest 30‑day expansions at 407 %, 378 % and 305 % respectively.

Implications and Outlook

CryptoQuant interprets the volume rebound as a possible sign that the bear‑market downtrend is ending and that a bullish phase may be underway. Bitcoin later traded near $77,424 on September 14, below its level a year earlier, leaving the market’s direction for the coming weeks uncertain.