JPMorgan sees Bitcoin outpacing gold on hedge unwinding
JPMorgan notes Bitcoin could outpace gold if ETF hedge unwinds, citing short interest and options data.
Crypto exchange volumes jumped in August, with spot and futures hitting multi-month highs, which CryptoQuant sees as a possible end to the bear market.
August brought crypto exchange trading volume out of its bear-market rut. Spot turnover reached roughly $75 billion on August 21, while perpetual futures amounted to about $336 billion, according to CryptoQuant data.
The analytics firm interprets the surge as an early signal of a fresh bull phase, given that the jump came alongside a price increase rather than a wave of selling.
August 21 marked the second-biggest spot session since February’s peak, halting a slide that had pushed activity to multi-year lows while exchange liquidity kept draining. Binance accounted for $19.4 billion of that figure, ahead of Coinbase at $8 billion and Gate at $5.1 billion.
What sets this spike apart from earlier ones in 2026 is its direction. Prior volume surges in 2026 took place during sell-offs, signaling exit demand rather than fresh purchases.
This one followed a different path. It occurred during a 25% rally in Bitcoin (BTC) and other major coins, which CryptoQuant views as proof of genuine buying.
The expansion was widespread too. The 30-day change in spot volume topped out around August 25 at 2026’s fastest pace, with Gate climbing 667%, Coinbase 429%, and OKX 213%. Binance and the long tail of smaller platforms grew by roughly 157% to 163%.
Leverage followed spot upward, with much larger sums involved. Daily volume hit about $336 billion on August 21, the highest since March, led by Binance at $124 billion, OKX at $46 billion, and MEXC at $30 billion.
Still, CryptoQuant sounded a caution. Most of that futures surge came from traders closing shorts or getting liquidated as prices climbed swiftly.
Futures growth was also broad-based. The 30-day change peaked around August 24 and 25, with Binance up 202% and Bybit up 184%. OKX, Coinbase, and Gate now post the fastest 30-day expansion at 407%, 378%, and 305%, respectively.
“The volume comeback may be another sign of the end of the bear-market downtrend and aligns with the early bullish phase now underway across the crypto market,” CryptoQuant said.
Prices have since retreated. Bitcoin traded near $77,424 on September 14, well below its level a year earlier. The weeks ahead will reveal whether August’s activity marked the start of a regime shift or just a fleeting burst of leverage.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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