According to CoinMeta, as reported by CryptoQuant, on August 21st, the daily trading volume of spot markets across the board rose to approximately $75 billion, one of the highest levels since February. Among them, the daily trading volume of Binance was around $19.4 billion, while that of Coinbase perpetual contracts reached about $336 billion, the highest since March. Unlike previous increases in trading volume that came alongside declines this year, this surge in trading volume was accompanied by a rise of approximately 24% in BTC. CryptoQuant believes that this is more indicative of buying pressure driving the market. By late August, the 30-day trading volume growth rates for both spot and perpetual contracts on major exchanges had significantly increased, indicating that market participation is broadly recovering, which may be consistent with a transition from a bear market to an early bull market phase.