Bitcoin Trading Volume Surges to Multi-Month High Amid Buying Pressure

CryptoQuant reported that the total daily spot trading volume surged to approximately $75 billion on August 21, marking the second-highest daily level since February. This increase in trading activity was driven by buying rather than selling pressure as Bitcoin's price rose by 24 percent during the same period.

The movement in Bitcoin wasn't limited to spot transactions, as perpetual futures trading volume reached its highest daily level since March at approximately $336 billion on August 21. The 30-day change across exchanges showed that the increase in trading activity was broad-based, with Gate's spot trading volume increasing by 667 percent and Coinbase's spot volume rising by 429 percent.

In perpetual futures, Binance saw a 202 percent increase in trading volume over 30 days as of August 25, while Bybit experienced a 184 percent rise during the same period. These figures demonstrate that the increased trading activity was not isolated to specific exchanges or markets.