Share this article
Bitcoin Average Trade Size Jumps to Highest Level Since June After Grayscale Ruling
The increase in average trade size could suggest large traders are more active, said research firm Kaiko.
Aug 30, 2023, 5:49 p.m.
Make us preferred on Google
Bitcoin’s average trade size on most exchanges jumped to its highest point since June following a federal court ruling that the U.S. Securities and Exchange Commission (SEC) must review its rejection of Grayscale Investments' attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF on Tuesday.
According to data from Kaiko, the average trade size for bitcoin on crypto exchange Kraken increased to above $2,000 on Tuesday after the ruling, from around $850 the day prior. The last time bitcoin’s average trade size was higher than $2,168 was in June, said research firm Kaiko. The bitcoin average trade size also jumped on most other exchanges.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“This could suggest large traders are more active,” said Dessislava Aubert, an analyst at Kaiko.
As the market's confidence in a bitcoin spot ETF approval increased, the price of bitcoin climbed more than 7%, topping $28,000 at one point on Tuesday afternoon after the Grayscale news broke. The price has since pulled to just above $27,900.
“This is one of the largest hourly moves since Terra (the other one was the Aug 17 selloff). This is partly due to low liquidity,” said Aubert. “For now, overall volumes did not spike that much and are at their highest level since the Aug 17 selloff."
Bitcoin tumbled about 9% on August 17, briefly sinking below $25,000 on crypto exchange Binance. Cryptocurrency traders saw $1 billion of losses in liquidations the same day as digital-asset markets suffered one of their worst sell-offs of the year, and bitcoin's price fell to a two-month low.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
How a 'perpetual’ stock trick could solve Michael Saylor’s $8 billion debt problem
The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long-dated leverage.
What to know:
- Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
- The structure offers a blueprint for replacing fixed maturity convertibles with perpetual equity capital that removes refinancing risk.
- Strategy has a $3 billion convertible tranche due in June 2028 with a $672.40 conversion price, which could be addressed using a similar preferred equity approach.
Top Stories
