Q3 crypto market capitalization rose 39.6% quarter-on-quarter, adding $840.1 billion and returning to around $3 trillion. CoinGecko’s report says it turned positive after three consecutive quarters of declines, though it is still down 4% year to date.
💰 成交没跟上价格，季度数据明细发群里，进来核对
Ethereum rose 71% to $2,684. Spot ETH ETFs saw net inflows of $3.1 billion. Perpetual futures open interest rose 40.6% quarter-on-quarter, topping $100 billion at quarter-end.
Trading volume didn’t keep pace. Average daily volume fell 8.6% to $73.3 billion, while spot trading volume across the top ten exchanges dropped 14.2% to $1.65 trillion.
Prices and trading volume moved in opposite directions.
ETFs and leverage drove prices higher—not turnover. Binance’s spot market share rose from 38.7% to 42.7%.
If average daily volume turns positive next quarter and spot trading volume across the top ten exchanges stops falling, this assessment will no longer hold.
💰 成交没跟上价格，季度数据明细发群里，进来核对
Ethereum rose 71% to $2,684. Spot ETH ETFs saw net inflows of $3.1 billion. Perpetual futures open interest rose 40.6% quarter-on-quarter, topping $100 billion at quarter-end.
Trading volume didn’t keep pace. Average daily volume fell 8.6% to $73.3 billion, while spot trading volume across the top ten exchanges dropped 14.2% to $1.65 trillion.
Prices and trading volume moved in opposite directions.
ETFs and leverage drove prices higher—not turnover. Binance’s spot market share rose from 38.7% to 42.7%.
If average daily volume turns positive next quarter and spot trading volume across the top ten exchanges stops falling, this assessment will no longer hold.