Crypto Assets Market September Analysis: Volume rise but prices under pressure

In September, the overall cryptocurrency market showed a downward trend, with the prices of major cryptocurrencies experiencing varying degrees of decline. The price of Bitcoin fell by 7.1% to $43,829, while Ethereum dropped by 12.6% to $3,001. However, Solana continued to maintain an upward momentum, with a monthly increase of 30.4%. Although Cardano completed the Alonzo upgrade, introducing smart contract functionality, its price still fell by 23.6%.

Despite the price decline, cryptocurrency trading activity remained active in September. The total spot trading volume increased by 6.2% to $2.5 trillion, with a single-day volume of $161.6 billion on September 7 setting a monthly record. Derivatives trading volume rose by 1.2% to $3.5 trillion, accounting for 56% of the overall market. The total open interest reached $27.8 billion, a five-month high.

From a regulatory perspective, some positive signals were also reported in September. The Chairman of the Federal Reserve expressed no intention to ban Crypto Assets, and some social platforms have begun to launch features related to Crypto Assets. In addition, the policy adjustments towards Crypto Assets in some countries have not caused long-term negative impacts on the market.

Specifically, the cryptocurrency market showed the following characteristics in September:

1. The trading volume of BTC against fiat/stablecoins continues to decline, dropping to the lowest level since April at 6.9 million BTC.

2. CME Bitcoin options volume rose significantly by 36%, while futures volume increased by 10.6%.

3. Ethereum derivatives open interest rose by 4.7% to $5.8 billion, continuing to exceed Bitcoin.

4. Top exchanges occupy 91.2% of the spot trading market share, with Binance, OKEx, and Huobi accounting for 69%.

5. The market share of derivatives slightly decreased, from 57.2% in August to 56%.

6. CME Ethereum futures open interest hits an all-time high of $678 million.

Overall, despite the pressure on Crypto Assets prices in September, trading activity is still on the rise, and the derivatives market is developing rapidly. This reflects that investors' long-term confidence in Crypto Assets remains, and the market structure is continuously improving. In the future, as the regulatory environment gradually clarifies, the Crypto Assets market is expected to usher in a healthier development.