Crypto Assets Market September Review: Volume Pumped but Prices Under Pressure

In September, the Crypto Assets market faced the test of tightened regulatory policies, with mainstream coins generally experiencing price declines. The price of Bitcoin fell to $43,829, a month-on-month decrease of 7.1%; Ethereum dropped to $3,001, a month-on-month decrease of 12.6%. However, some emerging public chains performed well, such as Solana, which continued its strong momentum, rising 30.4% during the month. Although Cardano's price fell by 23.6% after the Alonzo upgrade, this upgrade introduced smart contract functionality to the platform, laying the foundation for future development.

Despite the price pressure, there are also positive news in the market. The Federal Reserve Chairman stated there is no intention to ban Crypto Assets, and Twitter has launched a Crypto Assets tipping feature for global users. It is worth noting that the negative impact of China's regulatory policies on the global Crypto Assets market has been relatively short-lived.

In terms of spot trading, the trading volume in September rose by 6.2% month-on-month to $2.5 trillion. On September 7th, the single-day trading volume reached $161.6 billion, a significant rise of 54.2% compared to the August peak. However, the trading volume of Bitcoin against fiat or stablecoins dropped to 6.9 million BTC, marking a new low since April.

The derivatives market is performing actively. CME Bitcoin options trading volume surged by 36% to 1,295 contracts, marking the largest increase in 15 months. The total open interest of Ethereum derivatives grew by 4.7% to $5.8 billion, while the open interest of Bitcoin derivatives decreased by 3.7% to $11.9 billion, with Ethereum showing relatively stronger performance.

In terms of exchanges, leading platforms account for 91.2% of the total spot trading volume. Among them, a leading exchange had a trading volume of 828 billion dollars in September, with a month-on-month increase of 10.2%; two other major exchanges had trading volumes of 181 billion dollars and 168 billion dollars, respectively. A certain exchange in the United States performed brilliantly, with a trading volume reaching 130 billion dollars, a month-on-month increase of 34.5%.

The derivatives market continues to dominate, with a trading volume increase of 1.2% in September to $3.5 trillion, accounting for 56% of the overall market. A leading exchange leads the derivatives market with a trading volume of $1.9 trillion, capturing a 56.1% share.

Overall, despite the general decline in crypto asset prices in September, exchange trading volume continued to show growth. In particular, the open interest in derivatives reached a 5-month high, averaging $27.8 billion per day. The growth rate of Ethereum derivatives continues to outpace that of Bitcoin, reflecting positive market sentiment towards Ethereum. In the future, as regulatory policies gradually become clearer, the crypto market is expected to usher in a new round of development opportunities.