CCData August Report Shows Surge in Trading Activity, Drop in Ether Derivatives

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CCData, the combined spot and derivatives trading volume on centralized exchanges, saw a notable increase of 5.38% to a total of $5.22 trillion in August, the second consecutive month of rising activity.

In its latest report, CCData highlighted the significant decline in Ether futures and options trading volume on the Chicago Mercantile Exchange (CME). It also showed that the volumes on CME dropped dramatically after the first month of spot Ether ETFs’ launch.

Ether futures and options volume on the CME exchange fell 28.7% and 37.0% to $14.8 billion and $567 million, respectively. These numbers signify the lowest ETH futures volume on the еxchange sinсe December last year.

Another of the takeaways from the August report is the significant decline in the retail derivatives market, which witnessed a fall of 15.7% to $45.8 billion. This was reportedly driven by increased liquidations over the Japanese Yen carry trade and downtrends in traditional financial indices.

Senior ETF analyst Eric Balchunas (@EricBalchunas) noted on social media how Ether ETFs went backwards.

Ether ETFs Went Backward in First Month.. flows -$476m as the newbies couldn't overcome the $ETHE unlock, too powerful a force (this is why I reiterated how heroic the New Nine bitcoin ones were) but good news is unlock will end, there's light at end of tunnel via @JSeyff pic.twitter.com/Y8QphnFAXq
— Eric Balchunas (@EricBalchunas) September 3, 2024

However, early last month, Spot ether ETFs recorded a net inflow of $48.73 million despite the market downturn. Back then, it had amassed a total net outflow of around $461.98 million.

Nine newly launched spot еther ETFs had also collectively rakеd in $104.8 million in net inflows. Blackrock was primarily driving the inflows, accumulating $168.55 million worth of ETH.

Other funds like Fidelity’s Ethereum Fund recorded $44.65 million in inflows, followed by Grayscale’s Mini Ethereum Trust, which saw $19.8 million added. VanEck Ethereum received $16.6 million, Bitwise Ethereum ETF logged $11.7 million, and Franklin Ethereum ETF got $3.7 million.

A spot ETF is an investment vehicle that mostly pools money from investors and purchases Ethereum directly. An investment firm mostly manages the fund, and ETFs are traded on a traditional stock exchange. Most ETFs can be purchased online using online brokerages.

Spot Ether ETFs first began trading on the US exchanges on July 23, 2024. Spot Bitcoin ETFs were launched in January this year.

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GAIRIKA

Gairika is a cryptocurrency journalist with a focus on Bitcoin and blockchain technology.

Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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