CryptoQuant: Spot and Perpetual Contract Trading Volumes Surge, Possibly Signaling Transition from Bear to Bull Market

Golden Finance reported on September 14 that on-chain data firm CryptoQuant released a research report indicating that cryptocurrency trading volumes saw a strong rebound in August. Spot and perpetual contract trading volumes surged simultaneously with price increases on August 21, driven by buying activity, which may mark the end of the bearish downtrend. The report shows that on August 21, spot trading volumes across all exchanges rose to approximately $75 billion, the highest single-day level since February's peak, led by Binance ($19.4 billion), Coinbase ($8 billion), and Gate ($5.1 billion). On the same day, perpetual contract trading volumes reached approximately $336 billion, the highest since March, led by Binance ($124 billion), OKX ($46 billion), and MEXC ($30 billion). Crucially, this surge in volume was accompanied by a 24% increase in Bitcoin and other cryptocurrencies, indicating strong buying activity, contrasting with previous bear market volume spikes that were often driven by selling pressure. In terms of 30-day growth rates, as of August 25, spot trading volume's 30-day growth rate hit its fastest pace since 2026, with Gate growing 667% and Coinbase growing 429%. Perpetual contracts also saw widespread expansion, with Binance growing 202% and Bybit growing 184%. The report suggests that the rebound in trading volumes could be another signal of the end of the bearish downtrend, aligning with the early bull market phase currently unfolding in the crypto market.