Crypto Assets Market September Review: Volume Rise but Price Fall

The cryptocurrency market showed a complex situation in September. Although the prices of major crypto assets generally fell, trading activity increased. Bitcoin and Ethereum's prices fell to $43829 and $3001, with a decline of 7.1% and 12.6%, respectively. However, other crypto assets like Solana performed well, rising by 30.4% during the month. Although Cardano's price fell by 23.6%, its Alonzo upgrade brought smart contract functionality to the platform.

Despite the overall negative trend in the market, there have been some positive regulatory news reported. The Federal Reserve Chairman has stated that there is no intention to ban Crypto Assets, and social media platforms have launched features for tipping with Crypto Assets. It is noteworthy that the domestic policy adjustments regarding Crypto Assets trading have not caused a lasting negative impact on the market.

In terms of spot trading, the trading volume in September reached $2.5 trillion, an increase of 6.2% compared to August. The highest daily trading volume occurred on September 7, reaching $161.6 billion. The trading volume of Bitcoin against fiat or stablecoins dropped to 6.9 million coins, the lowest level since April.

The derivatives market is also showing a rise. CME Bitcoin options volume increased by 36%, reaching 1,295 contracts. The total open interest of Ethereum derivatives grew by 4.7%, reaching $5.8 billion, while Bitcoin derivatives fell by 3.7% to $11.9 billion.

In terms of exchanges, the leading exchanges account for 91.2% of the total spot trading volume. Binance remains the largest spot and derivatives trading platform, with a spot trading volume of $828 billion and a derivatives trading volume of $1.9 trillion in September. Other major exchanges such as OKEx and Huobi also maintained high trading volumes.

In terms of open contracts, September reached the highest level in 5 months, with an average daily volume of 27.8 billion USD, an increase of 14.3% compared to August. Binance leads in the open interest of derivatives, averaging 10.1 billion USD.

In terms of institutional trading at CME, the trading volume of Bitcoin futures contracts rose by 10.6% to 144,000 contracts. The trading volume of Ethereum futures increased by 34.5% to $18.5 billion, nearing the historical high point of May.

Overall, although the prices of major Crypto Assets fell in September, the volume on exchanges and the open interest in derivatives still showed a rise, particularly with Ethereum-related products performing exceptionally well. This trend reflects the continuous confidence of market participants in the long-term development prospects of Crypto Assets.