CryptoQuant Flags Volume Revival as Another Crack in Bear Market Downtrend

Crypto exchange trading volume broke out of its bear-market slump in August. Spot activity reached roughly $75 billion on August 21, and perpetual futures hit about $336 billion, according to CryptoQuant data.

The analytics firm reads the rebound as an early marker of a new bull phase, since the spike arrived alongside a price rally rather than a wave of selling.

Spot Volume Returns With the Rally, Not the Sell-Off August 21 saw the second-largest spot session since February’s peak, ending a downtrend that had driven activity to multi-year lows while exchange liquidity continued to drain.

Binance handled $19.4 billion of that total, ahead of Coinbase at $8 billion and Gate at $5.1 billion. What separates this spike from earlier ones in 2026 is direction.