September Crypto Assets Market Analysis: Volume Rises, ETH Derivation Performs Outstandingly

The cryptocurrency market in September presented a complex situation. Despite the general decline in prices of major crypto assets, trading activity increased. Bitcoin and Ethereum prices fell to $43,829 and $3,001, with declines of 7.1% and 12.6%, respectively. However, other crypto assets such as Solana performed well, rising by 30.4% during the month. Although Cardano's price dropped by 23.6%, its Alonzo upgrade brought smart contract functionality to the platform.

Despite the poor price trend, there have been some positive signals in the regulatory environment. The Federal Reserve Chairman has indicated no intention to ban Crypto Assets, and social media giants have launched cryptocurrency tipping features. Notably, policy adjustments from China have not had a long-term negative impact on the Crypto Assets market.

Volume Data Analysis

In September, the total spot trading volume 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, which is 54.2% higher than the peak in August.

The trading volume of Bitcoin against fiat currencies or stablecoins has dropped to 6.9 million BTC, the lowest since April, down 76.5% from the historical high in March. This is largely influenced by the price volatility of Bitcoin.

The trading volume of Bitcoin options on the Chicago Mercantile Exchange ( CME ) has increased significantly by 36%, reaching 1,295 contracts, the largest increase in 15 months. On September 24, the daily trading volume reached 177, a new high since April. The trading volume of CME Bitcoin futures also grew by 10.6%.

The total open interest of Ethereum derivatives increased by 4.7% to 5.8 billion USD, while Bitcoin derivatives decreased by 3.7% to 11.9 billion USD. Ethereum's open interest on CME reached an all-time high, rising by 10.5% to 678 million USD.

Exchange Performance

The leading exchanges account for 91.2% of the spot trading volume. Binance remains the largest spot trading platform, with a trading volume of $828 billion in September, an increase of 10.2%. This is followed by a certain trading platform and another platform, with trading volumes of $181 billion and $168 billion respectively.

In the derivatives market, Binance leads with a 56.1% market share, with a volume of $1.9 trillion. A certain trading platform and another platform rank second and third with shares of 14.3% and 11.4%, respectively.

Open Contract Analysis

The total amount of open contracts in September reached the highest level in five months, averaging $27.8 billion per day, an increase of 14.3%. Binance had the highest open interest, averaging $10.1 billion.

The total amount of Bitcoin futures open interest slightly decreased to 11.9 billion USD, while the total amount of Ethereum futures open interest rose to 5.8 billion USD. In terms of perpetual contracts, the total amount of Bitcoin contracts decreased by 1.0% to 7.7 billion USD, while Ethereum contracts increased to 4 billion USD.

CME's Bitcoin futures open interest is at its highest, at $1.6 billion. In the Ethereum futures market, CME has the highest market share with an average open interest of $678 million.

Conclusion

Despite the decline in prices of major Crypto Assets in September, the trading volume and the open interest of derivatives continue to show an upward trend. Especially, the performance of Ethereum derivatives is outstanding, with its open interest growth rate exceeding that of Bitcoin. This indicates a positive expectation from market participants regarding the future development of Ethereum, while also reflecting the resilience and activity of the Crypto Assets market.