Spot trading volumes on centralized crypto exchanges reached $973 billion in September 2026. This is 20% more than in August and marks the second consecutive month of growth after a two-year low in July. The third quarter ended with a decline, but the monthly picture is the opposite: trading activity has been increasing every month since the July low, amid rising BTC prices at the end of summer. Spot trading involves the direct buying and selling of coins, unlike futures, where contracts are traded based on the future price of an asset.
According to CryptoRank, spot volume fell to $705 billion in July, then rose to $811 billion in August and $973 billion in September. Most of the top ten exchanges increased their volumes: KuCoin by 40%, Coinbase and OKX by about 33%. Binance added 23%, reaching $280 billion, maintaining a share of about 29%.
The results of the third quarter were weaker. The volume of spot trades on centralized exchanges fell to $2.49 trillion. This is 14% less than in the second quarter, when the figure was $2.88 trillion. This marks the fourth consecutive decline, and activity remains significantly below 2025 levels. Only Binance significantly strengthened its position: trading volume for the quarter was $695 billion, and its share increased from 25.4% to 27.9%. The balance of power among the other top ten participants remained almost unchanged.
The decline in trading volumes on the futures market slowed down. Volumes decreased by 10%, falling from $14.4 trillion in the second quarter to $13 trillion. This is the weakest decline in nine months, with previous figures falling by 31% and 11%. Binance was the only major platform to increase volume by 6%, to $4.65 trillion. Its share rose from 30.4% to 35.7%. The results fell the most on KuCoin (by 58%) and WEEX (by 36%).
A turning point was noted back in August. According to CryptoQuant, spot trades on exchanges reached $75 billion on August 21, and the volume of perpetual contracts was $336 billion. Analysts noted that unlike the beginning of 2026, volumes were growing against the backdrop of rising BTC prices, not sell-offs. They saw this as a sign of real demand from buyers. However, there is a downside to the growing activity. CryptoQuant analyst under the pseudonym R3N noted that the smoothed Exchange Whale Ratio reached a three-year high while the BTC price returned to $86,200. This indicator measures the share of the largest wallets in all inflows to exchanges. According to R3N, high values previously appeared at price peaks in 2024 and 2025. Nevertheless, he emphasizes that a deposit does not yet mean a transaction: whales transfer coins both when changing storage methods and for over-the-counter settlements. In his opinion, the outcome is still unclear: either history will repeat itself and quotes will weaken, or the incoming coins will be easily bought up by exchange funds and institutional investors.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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