The negative price action throughout the month resulted in cascading liquidations, with the aggregate open interest on derivatives exchanges falling by 15.7% to $45.8 billion in August,” CCData commented in its newest report.
Data tracked by London-based CCData show the buy-sell ratio, which compares the volume of buy-to-sell orders on Kraken and Coinbase, has averaged 250% and 123%, respectively, this month. A ratio above 100% indicates more buys than sells, suggesting net bullish pressure.
CCData has revealed that the September Effect is also present in the cryptocurrency space, with Bitcoin’s September performance from 2010 to 2023 averaging a negative return of 4.5%.
“Stablecoin trading volume fell 14.2% to $848 [billion] in August (as of the 23rd). [Overall] trading volumes are on track for a second consecutive monthly increase, driven by volatile digital asset prices following the unwinding of the Japanese Yen carry trade and recovery in TradFi markets,” CCData analysts wrote.
The total market capitalization of stablecoins has been increasing for nearly a year now, according to blockchain analytics firm CCData.
According to a report by CCData, Stablecoin trading volumes fell 8.35% to $795 billion in July due to lower trading activity on centralized exchanges.
"There has been speculation that AAVE could activate their 'fee switch' to redistribute excess revenue generated by the platform to stakers. This follows a proposal aimed at seeking governance feedback on the protocol's potential to buy back tokens using surplus revenue and redistribute them to AAVE stakers and the minters of their stablecoin, GHO," Joshua de Vos, research lead at London-based digital assets data and index provider CCData, told CoinDesk.
Get our latest research, reports and event news delivered straight to your inbox.