First Mover Americas: Crypto Trading Volume Hits 4-Year Low

The latest price moves in crypto markets in context for Sept. 7, 2023.

AccessTimeIconSep 7, 2023 at 12:01 p.m. UTC
Updated Sep 7, 2023 at 3:27 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

(CoinDesk)
(CoinDesk)

Top Stories

Crypto spot trading is at its lowest level since March 2019, according to digital assets data provider CCData, shedding some light on the soporific state of the market. Spot trading volume on centralized exchanges fell 7.78% to $475 billion in August, while volume in derivatives fell over 12% to $1.62 trillion, the second-lowest since 2021. An event such as Grayscale’s court victory over the SEC last week would have been expected to stoke a rally in crypto prices, but even this failed to spur traders into activity. "The low spot trading volume and the fluctuations in the open interest data suggest that the market is currently driven by speculation," CCData said.

Major South Korean investment banking firm Mirae Asset Securities is working with the Polygon network to advance tokenization within finance. The Ethereum scaling network will serve as a technical consultant to the $500 billion asset manager, which is looking to create infrastructure to issue, exchange and distribute tokenized securities. Tokenization involves representing real-world assets such as bonds, equities and physical assets as digital tokens that can be traded on the blockchain, the theory being that this will make transacting them more efficient, transparent and liquid. Mirae would join other institutions such as Franklin Templeton in initiating tokenization projects on Polygon.

Cboe’s BZX exchange filed the paperwork on Wednesday to list spot ether (ETH) ETFs of Ark 21Shares and VanEck. Coinbase will act as the surveillance-sharing partner for both products, similar to its proposed role in a large number of spot bitcoin (BTC) ETFs. Once the SEC acknowledges the filings, it will have 240 days to return a decision, a period it usually allows to go the distance. If either fund is approved, it would be the first spot ether ETF to list in the U.S. and possibly the first such product for any crypto asset. It remains to be seen whether ether ETF applications will meet the same fate of ongoing delays and rejections by the SEC that have beset bitcoin products.

Chart of the Day

(Google Trends)
(Google Trends)
  • The chart shows Google Trends' values for the worldwide search query "cryptocurrency" for the past 10 years.
  • The value has declined to eight this week, the lowest in at least three years, showing dwindling general interest in digital assets.
  • Google Trends is widely used to gauge general or retail interest in trending topics. Low values have historically marked bear market bottoms, while values near 100 have signaled bull market peaks.
  • Source: Google Trends

Trending Posts

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.