Crypto exchange volumes grew 16% in September after a 3-month lull

September’s trading volumes saw the first notable increase since May of this year, The Block’s Data Dashboard shows.

September’s exchange trading volume jumped to $733 billion, or a 16% month-over-month increase.

The Block’s Legitimate Volume Index reported volumes of $629 billion for June, $633 billion for July and $630 billion for August. 

Following the crypto market decline that started in May, 2022’s summer saw relatively stagnant monthly volumes for crypto exchanges.

Those volumes occurred during a tumultuous period for the crypto market. 

May saw the collapse of the  Terra ecosystem, during which the stablecoin TerraUSD (UST) de-pegged from the U.S. dollar and the price of governance token LUNA fell 97%. The collapse’s impact cascaded across the crypto industry, affecting NFTs and crypto miners, among other areas.

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