Crypto Assets Market September Review: Volume pump but prices under pressure

In September, the Crypto Assets market experienced pressure from tightening regulatory policies, with major Crypto Assets prices generally falling. Bitcoin's price dropped by 7.1% to $43,829, and Ethereum fell by 12.6% to $3,001. However, some competing public chains performed well, such as Solana, which continued its pump momentum, rising by 30.4% within the month. Although Cardano's price dropped by 23.6% after the Alonzo upgrade, the upgrade brought smart contract functionality to its platform.

Despite the pressure on prices, the market has also heard some good news. The Chairman of the Federal Reserve stated there is no intention to ban Crypto Assets, and Twitter announced the launch of a Crypto Assets tipping feature for all users. It is worth noting that the tightening of policies on Crypto Assets trading in the domestic market has not had a lasting negative impact on the market.

In September, the spot trading volume rose by 6.2% month-on-month to $2.5 trillion, with a daily peak transaction amount reaching $161.6 billion, an increase of 54.2% compared to the August high. The trading volume of Bitcoin against fiat currencies or stablecoins fell to 6.9 million coins, the lowest level since April.

In the derivatives market, CME Bitcoin options volume surged by 36% to 1,295 contracts, and futures trading volume increased by 10.6%. The total open interest for Ethereum derivatives rose by 4.7% to $5.8 billion, while Bitcoin derivatives fell by 3.7% to $11.9 billion. Ethereum's performance in the derivatives market continues to surpass that of Bitcoin.

In terms of exchanges, the leading exchanges account for 91.2% of the total spot trading volume. Among them, a well-known trading platform ranks first with a transaction volume of $828 billion, a month-on-month increase of 10.2%. Next are two large exchanges, with transaction volumes of $181 billion and $168 billion, respectively.

The trading volume in the derivatives market rose by 1.2% to $3.5 trillion, accounting for 56% of the entire Crypto Assets market. A large trading platform leads the derivatives market with a transaction volume of $1.9 trillion, holding a 56.1% market share.

In terms of open contracts, the total amount in September reached the highest level in five months, with an average of 27.8 billion dollars per day, an increase of 14.3% month-on-month. One leading trading platform had the highest open interest, averaging 10.1 billion dollars.

Overall, despite the decline in the prices of major cryptocurrencies, the volume on exchanges continued to rise in September. The open interest in derivatives also saw similar growth, primarily driven by Ethereum derivatives, which are expected to continue to outpace Bitcoin.