Exchange Review September 2021

Report Summary

In September, Bitcoin and Ethereum’s price fell to $43,829 (down 7.1%) and $3,001 (down 12.6%) respectively. Despite this, growing volumes and open-interest on CME's institutional exchange suggests that institutional investors are still looking to gain exposure to Bitcoin and Ethereum, despite the falling prices.

On the whole, exchanges continued to see an increase in trading volumes in September - with spot trading volumes rising 6.2% to $2.5tn. Binance continues to lead the market, recording the highest monthly spot volume for the 15th month in a row.

September Highlights

  • Binance continues to lead spot exchange volume - trading $828bn (up 10.2%) In September - Binance has now recorded the largest monthly spot volume for the last 15 months.
  • BTC traded into fiat or stablecoins totaled 6.9mn BTC in September, the lowest amount since April 2021 (6.8mn BTC).
  • Institutional investors continue to seek exposure to crypto, with trading volumes of BTC CME options up 36% month on month - the largest increase since June 2020.
  • Average daily open interest for ETH perpetual futures grew 3.7% in September to an all-time high of $4bn.
  • Ethereum open-interest on the institutional exchange CME grew 10.5% to 678mn, also an all-time high.

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