Crypto spot volumes pick up amid bitcoin rally

Quick Take

  • Crypto exchange volumes have picked up while bitcoin hovers around the $30,000 price level, with The Block data dashboard reporting an increase in the seven-day moving average for daily volumes across spot platforms from $9.38 billion on September 26 to over $15 billion on October 20.


Crypto exchange volumes have picked up as bitcoin remains in close proximity to the $30,000 price threshold, as indicated by data from The Block data dashboard.

The Block's seven-day moving average for daily volumes across the industry's spot platforms has been trending higher, increasing from $9.38 billion on September 26 to over $15 billion on October 20. 

Historically low levels


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To be sure, spot volumes for the asset class are currently at historically low levels. Cryptocurrency exchanges only recorded $311 billion in volume last month, marking the lowest level since 2020, as reported by The Block's data dashboard.

The recent increase in trading volumes aligns with a recent price rally and a surge in volatility, which can be partially attributed to false rumors circulating about the Securities and Exchange Commission's potential approval of a spot exchange-traded fund.

That's a welcome sign for crypto exchanges, which rely on volatility and higher trading volumes to turn a higher profit. Coinbase, which is slated to report earnings for the most recent quarter on November 6, has seen its trading volumes plummet by more than half during the third quarter, as recently noted by Bloomberg News. 

Indeed, it's important to note that the calm trading activity is not unique to the crypto market. In US equities, brokerage firm Charles Schwab reported a decline in daily average trades (DATs) between the first and third quarter. This drop is attributed to headwinds in retail trading, influenced by factors such as US Federal Reserve policy and the resumption of student loan payments.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].