Despite the $1 trillion infrastructure bill containing mandates on cryptocurrency brokerages tax compliance, the bullish sentiment within the crypto-community remained largely unaffected - with new all-time highs and ecosystem firsts being achieved throughout August.
Bitcoin rose 18.3%, while Ethereum saw a larger monthly increase of 35.7% - following the London hard fork on August 5th. However, the spotlight was taken by Cardano and Solana, which increased by 110.2% and 194.9% respectively. Overall, Top-Tier spot volumes increased by 43.6% to $2.4tn in August.
- Top-tier exchange volumes continue to rise as traders choose to settle on more reputable exchanges, now accounting for 91.7% of total spot volume throughout August - the highest share of spot volume since June 2018.
- ETH futures and perpetual futures open interest reached an all-time high in August, rising 41.0% to $5.6bn.
- Binance (Grade BB) was once again the largest Top-Tier spot exchange by volume throughout the month - with volumes up 65.2% from July to $751bn.
- Aggregate open interest rose 37.7% in the month of August to $24.4bn, the highest level recorded in the past three months.