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Cryptocurrency Market: August’2022 Overview

Sep 12, 2022

Key Takeaways

  • Spot volume on leading crypto exchanges lowered by 2% in August despite market volatility
  • Following The Merge update, market participants took an interest in Ethereum-based derivatives, boosting volume and increasing open interest.
  • The futures market recorded one liquidation of more than $500 million when Bitcoin and Ethereum lost more than 10% of their prices.
  • By the result of the month, Bitcoin and Ethereum prices went down by 14% and 5% correspondingly.
  • Market capitalization as of September 8, 2022, lowered to $0.98 trillion, 13% less compared to the beginning of the month 
  • Bitcoin domination fell below 40% to the level of 2018 and the beginning of 2022.

Spot Market

Despite market volatility, trading volume on 10 leading exchanges in August 2022 decreased just by 2% versus the previous month and totaled $720 billion.

Graph 1. Cryptocurrency Exchange Volume [3]

Note: Other Category includes Kucoin and

July Volumes were updated by the Block and changed insignificantly

Despite market volatility, trading volume on 10 leading exchanges in August 2022 decreased just by 2% versus the previous month and totaled $720 billion.

In August a volume drop was recorded among all the exchanges under consideration, except for Upbit ($33b, +2% MOM) and Coinbase ($58b, +13% MOM), which partnered with BlackRock at the beginning of the month.

Trading volume on Huobi ($22 billion, -29% MOM) slumped by the third in August after Huobi Group founder Leon Li announced selling a 60% stake in the crypto-exchange at a valuation of $3 billion. 

The rest of the tier-1 spot crypto exchanges demonstrated a negative dynamic in trades versus the previous month:

  • FTX: $49 billion (-14%)
  • Kraken: $16 billion (-5%)
  • OKEx: $54 billion (-4%)
  • Binance: $438 billion (-0.3%)

As of 8 September 2022, the market share of spot cryptocurrency exchanges by trades is as follows: 

  • Binance (~61%)
  • Coinbase (~8%)
  • FTX and OKEx (~7%)
  • Upbit (~5%)
  • Huobi (~3%).
  • Kraken (~2%).
  • Other (~7%).

Futures Market: Volume & OI

1| Volume

Graph 2. Volume of Bitcoin and Ethereum Futures [3]

  • The total trading volume of bitcoin futures across leading cryptocurrency exchanges, in dollar terms, continued its downward trend since June 2022 and reduced by fifth in August to $0.94t. All cryptocurrency platforms offering Bitcoin futures demonstrated a volume shrink;
  • As opposed to the first cryptocurrency, the volume of futures contracts of Ethereum showed progressive growth over the last 5 months with a 12% increase in August to $1.05t. It became the second largest result in the history of Ethereum-based derivatives. Users indeed have taken much interest in Ethereum-based futures most likely due to the upcoming transition to the Proof-of-Stake algorithm and the volatility of the asset;
  • As of 8 September 2022, Ethereum and Bitcoin futures embrace 41% and 30% of daily futures trading correspondingly;
  • Among other coins for futures trading, the most popular are Ethereum Classic, Solana, and Ripple.

2| Open Interest

Graph 3. Aggregate OI of Bitcoin futures [3]

Graph 4. Aggregate OI of Ethereum futures [3]

  • Since the beginning of August 2022, aggregated open interest (OI) of all crypto futures hasn’t changed significantly and as of 8 September achieved $23.6b. In particular, OI on bitcoin futures slumped by 10%, and on Ethereum, futures grew by 17%.
  • As of 8 September 2022, dominance by open interest on the futures market is distributed as follows: BTC (41%), ETH (31%), and Others (28%).

3| Liquidation

During August, the largest liquidation on the futures market of more than $500M was recorded on 19 August ($641M), mainly on OKEx, Bitfinex, and Binance. 

Nearly 60% of the total liquidation amount is accounted for the long position of Ethereum and Bitcoin when ETH and BTC lose 10% of their prices. 

Graph 5. Liquidations [2]

Options Market: Volume & OI

1| Volume

  • The movements of the options market were in line with the futures market. The options trading on Bitcoin in August continued to slow down and achieved $10.7t, while trades on Ethereum options speeded up by 7% to $12t.
  • CME derivatives remain reliable metrics for gauging “institutional” interest in digital assets. Month-on-month, the CME volume of Bitcoin options recovered in August with a 43% increase to $558m.

Graph 6. Volume of Bitcoin and Ethereum Options [3]

2| Open Interest

Graph 7. Aggregate OI of Bitcoin options [1]

Graph 8. Aggregate OI of Ethereum options [1]

  • From the beginning of August to 8 September 2022, aggregated open interest (OI) of options decreased to $4.90b for Bitcoin and increased by $7.73b for Ethereum.

Dynamics of Leading Assets

  • In August, bitcoin expanded its price range to $19,500-$25,000. The month started from the local high update and then was followed by a correction.
  • Ethereum demonstrated a better dynamic. Following The Merge update, the rate of the second largest cryptocurrency exceeded $2,000, but the month was closed at a level below $1,500.
  • By the results of August, Bitcoin fell by 13.88%, and Ethereum by 4.90%.
  • Bitcoin dominance fell below 40% to the level of 2018 and the beginning of 2022.

Graph 9. BTC price [3]

Graph 10. ETH price [3]

Market Capitalization

The total capitalization of the cryptocurrency market as of September 8, 2022, was $0.98 trillion, which is 13% less compared to the capitalization at the beginning of August.

Graph 11. Total Market Capitalization [3]


  1. Coinglass, 8 September 2022, URL:
  2. “Futures Markets Global Charts”. Coinalyze, September 8, 2022. URL:
  3. The Block Crypto, 8 September, 2022, URL:

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