According to data released today by blockchain analytics site CryptoCompare, volumes on major crypto exchanges increased in August, especially for Bitcoin on Binance.
Binance’s volumes rose precisely 65.2% during this month, despite the various problems the exchange has encountered in several countries with regard to regulation.
Overall, despite the so-called “infrastructure bill” aimed at forcing users to pay taxes on cryptocurrencies, user sentiment seems to have remained positive in August and, no doubt due to the rising price of Bitcoin, volumes are up quite a bit.
In fact, according to CryptoCompare, the various exchanges saw Bitcoin increase an average of 18.3% in volume over the previous month, while Ethereum was up as much as 35.7%, perhaps thanks in part to the NFT world record and the London fork.
Bitcoin and cryptocurrency bolumes grow on Binance, Huobi and OkEx
As can be read in the report, spot volumes in August averaged 67.9% higher than in July, especially on CryptoCompare’s own top tier exchanges, Huobi and OkEx, which traded $177.8bn (+82.4%) and $166bn (+79.4%) respectively.
Bitcoin holders keep on accumulating
As also highlighted by analyst and trader Marcus Sotiriou of GlobalBlock, users are continuing to accumulate bitcoin despite any fears of regulation.
Despite the small 5% drop that Bitcoin’s price recorded yesterday, on-chain metrics report that whales are continuing to accumulate.
During the past week, whales have increased their wallets by a total of $2 billion in Bitcoin (44,000 BTC), not to mention that yesterday MicroStrategy also announced that it had purchased another 5,050 BTC.
Crypto sentiment drops
Despite this optimistic data, trader sentiment for the crypto market has dropped over the past few days.
In fact, the value of sentiment over the past week has dropped from 5.89 recorded a week ago to 5.58 recorded today.
One of the reasons for this could be the news from the SEC and its Chairman Gary Gensler who would like to see stricter regulation of cryptocurrencies.