TokenInsight: Q3 Crypto Volume Drops 27.5%

TokenInsight released its Q3 crypto exchange report showing market-wide trading volume at $12 trillion, a 27.5% decline from Q2 and the third straight quarter of contraction. Spot volume fell 55% while futures volume dropped 17%, yet average open interest across futures rose 11%.

TradFi products drove notable activity, with stock and commodity perpetuals across nine exchanges totaling $2.1 trillion, of which stock contracts accounted for $1.61 trillion. Binance, OKX and Bitget captured 82% of stock contract volume at 58.60%, 15.79% and 7.60% respectively. Bitget derived 22.06% of its own futures volume from TradFi products, second only to Binance at 26.25%.