Bitcoin Spot, Perpetual Futures Volumes Hit Multi-Month High, Signaling Shift to Early Bull Phase

Bitcoin spot and perpetual futures trading volumes have jumped to their highest levels in months as prices rise, a sign the market may be shifting from a bear market into the early stages of a bull phase.

According to CryptoQuant's weekly report published on Sept. 14, daily spot trading volume on crypto exchanges reached about $75 billion on Aug. 21, the highest since the February peak. Binance led with $19.4 billion, followed by Coinbase at $8 billion and Gate.io at $5.1 billion.

Trading also surged in derivatives markets. Daily perpetual futures volume climbed to about $336 billion on the same day, the highest since March. Binance led with $124 billion, while OKX and MEXC recorded $46 billion and $30 billion, respectively.

CryptoQuant said this increase in volume stood out because, unlike previous spikes, it came alongside rising prices rather than heavy selling. Earlier bursts in trading activity this year were accompanied by strong selling pressure, but this time volume expanded as Bitcoin rose 24%.

The pace of the increase was also the fastest this year. As of Aug. 25, 30-day spot trading volume had risen 667% on Gate.io and 429% on Coinbase. Perpetual futures volume also increased across major exchanges, with Binance up 202% and Bybit up 184%.

CryptoQuant said the return of trading volume could be another sign that the bear market's downtrend is ending and that the pattern is consistent with an early bull phase emerging across the broader digital-asset market.