Bitcoin (BTC) derivatives trading volumes are now nearly eight times higher than spot markets on Binance.

Key points:

• Bitcoin daily spot trading volumes on Binance are diverging from futures more than ever.
• Spot demand has declined in recent months, while futures demand is still net positive, per data from CryptoQuant.
• Options traders are hedging for downside in September after months of rangebound BTC price action.

Binance sees record split in Bitcoin spot vs. futures trading

Data from onchain analytics platform CryptoQuant released on Friday reveals record readings for Bitcoin futures-to-spot trading volume ratios. The ratio now stands at 7.82, meaning that futures volume outweighs spot nearly eight times over.

Daily futures volume on Binance hit $57.82 billion this week, while spot trailed at $6.08 billion.

“Meanwhile, Bitcoin is trading near $64,000, while futures trading volume continues to grow at a faster pace than spot trading volume,” CryptoQuant contributing analyst Arab Chain commented on the data. 

“This trend reflects a shift in market activity, with more investors and traders preferring to use futures for leverage, risk management, and short-term trading strategies.”

Bitcoin futures-to-spot trading volume ratio (screenshot). Source: CryptoQuant

The record comes after months of retreating investor demand, with the exodus particularly noticeable in the retail trading sector. Previously, Cointelegraph reported that AI stocks have become a key destination for retail capital.

CryptoQuant data shows that on a rolling 30-day basis, both spot and derivatives demand continue to deteriorate, with spot showing a more consistent decline since June. 

BTC/USD has spent the past two months in a narrow range above $60,000, contributing to a lack of interest among spot traders. Traders initiated a major spike in onchain realized losses in February, when Bitcoin first dropped to the $60,000 mark. However, subsequent retests have seen lower volume as both buyers and sellers have become exhausted.

Bitcoin net realized profit/loss data. Source: CryptoQuant

“Bitcoin spot demand is weakening. Futures demand remains net positive, but is significantly lower than during the rebound three months ago,” CEO Ki Young Ju reported in a post on X late last month.

Bitcoin spot vs. futures demand. Source: Ki Young Ju on X.com

Traders position for September BTC price range breakdown

Examining the odds of a Bitcoin price breakout from its local trading range this week, crypto exchange Bitfinex flagged decaying volume across both spot and derivatives markets.

Related: Bitcoin treasury trade ‘breaking’ and fund holdings drop 10%: Analysis

“For now, volumes cluster in the middle of the range and thin out near the extremes. Taker volume especially is a sign that neither side is pushing hard to break the range in either direction,” its analytics arm, Bitfinex Research, wrote in an update.

Bitfinex said that options traders were positioned for rangebound conditions to continue in August, following a 7.4% gain for BTC/USD in July. In September, meanwhile, they expect the range to resolve to the downside, following familiar Bitcoin bear-market behavioral patterns.

“Options traders are effectively pricing in a continuation of the range and, on aggregate, hedging for a downside resolution of it several weeks from now,” it added alongside data from onchain analytics platform Glassnode.

Bitcoin options composite chart. Source: Bitfinex

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The US Senate’s delay of a vote on crypto market structure legislation could give Hong Kong and Singapore more time to strengthen their positions as digital asset hubs, according to First Digital founder and CEO Vincent Chok.

On Friday, Thune’s office confirmed to Cointelegraph that the Senate would not vote on the legislation before the August recess. Thune cited Democratic opposition and said the bill would be a priority when senators return in September.

Chok, whose company issues the FDUSD stablecoin, said the delay could give jurisdictions with clearer regulatory frameworks an advantage in attracting capital and talent as US uncertainty weighs on institutional adoption. 

He said the postponement leaves institutions without clear rules on market structure, custody and oversight. “Markets can adapt to slower timelines, but what they struggle with is prolonged uncertainty,” he said in a statement sent to Cointelegraph.

Delay fuels concerns over enforcement and offshore innovation

Chok said regulatory progress outside the US would continue regardless of the CLARITY Act’s timetable.

“For Asia, this delay gives regional financial hubs like Hong Kong and Singapore additional time to demonstrate that clear regulation can coexist with innovation,” he said. 

Maylea Ma, deputy general counsel at decentralized exchange aggregator 1inch, said that if Congress ultimately failed to enact the legislation, the industry could face a return to “regulation by enforcement.” Market participants would remain dependent on agency interpretations, case-by-case enforcement and a fragmented patchwork of state money transmitter and securities rules, she said.

Related: CLARITY Act failure could send crypto valuations lower: Bernstein

Ma contrasted that uncertainty with the European Union, where the Markets in Crypto-Assets Regulation (MiCA) is already in force. She said 1inch would continue operating under its conservative, non-custodial and self-custody-focused model while awaiting greater legal certainty in the US.

Wellington-Altus chief market strategist James E. Thorne offered a more politically charged response, calling the postponement a “fold” by Thune and a victory for Senator Elizabeth Warren and the regulatory status quo. He said continued ambiguity would push innovation offshore while other jurisdictions develop clearer regimes.

“Regulation should have been passed years ago,” he wrote on X. “Instead, Washington chose to live in ambiguity, letting Warren and the bank lobby weaponise uncertainty, the SEC and the Fed went along for the ride, and now Thune is keeping the CLARITY Act stuck in procedural limbo.”

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On 3 August, US Senate Majority Leader John Thune announced plans to hold an initial vote on the CLARITY Act before the August recess. However, as of 5 August, no exact date for the vote had been announced, and the future progress of the bill remained uncertain. Potential approval of the legislation could reduce regulatory uncertainty surrounding digital assets and influence XRP, although it would not automatically guarantee a change in its regulatory status.

Technical Analysis of Ripple

On the four-hour XRP/USD chart, the decline from July’s local highs gradually slowed, leading to a narrowing trading range that resembles a contracting triangle pattern. On 6 August, the price attempted to break below the formation, and the downside potential remains intact. If the decline continues, the next key area of interest is around $1.0200, where the market could find a reaction.

If the breakout proves to be false, the price will face several important levels on the upside: the lower boundary of the current profile at $1.0590, the POC zone at $1.0690, and the upper boundary at $1.0830. A move above the profile would also bring the red resistance level at $1.0900 into focus. The RSI and MAs indicators show readings of 33, 39 and 43. The RSI line and the faster moving average have already moved below the neutral zone, while the slower MA is only beginning to approach a potential exit from it.

Attention should also be paid to vertical volume: activity has increased noticeably in the middle of the triangle, which does not fully align with the typical pattern of volume contraction ahead of a breakout. This divergence raises questions about the technical quality of the formation and the reliability of the breakout signal.

Summary

The break below the lower boundary of the triangle occurred amid unusual volume activity within the pattern, adding further uncertainty to the current setup. XRP’s next move may depend not only on technical factors but also on the outlook for the CLARITY Act, which could influence sentiment across the broader cryptocurrency market.

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The Senate has postponed the CLARITY Act floor vote until lawmakers return from the August recess. Senate Majority Leader John Thune confirmed the delay and outlined plans for September. As a result, the decision extends negotiations over a federal digital asset regulatory framework.

Senate Leadership Shifts CLARITY Act Vote Beyond August Recess

Senate Majority Leader John Thune confirmed that the Senate will not vote on the CLARITY Act before the August recess. Instead, Republican leadership plans to prepare the legislation for floor consideration after lawmakers return in September. Therefore, the measure remains pending despite earlier expectations of quicker action.

The confirmation followed reports from Capitol Hill indicating that Senate leaders had changed their legislative timetable. The revised schedule places the digital asset market structure bill on the agenda after the recess concludes. Meanwhile, lawmakers will use the break to continue discussions surrounding the proposal.

The delay means the Senate will resume work on the legislation during its September session. Republican leaders had explored options for advancing the bill before leaving Washington. However, the chamber did not complete the required procedural steps before the scheduled recess.

Democratic Concerns Extend Negotiations Over Market Structure Bill

Democratic senators continued seeking additional negotiations before supporting the legislation for a final vote. They maintained concerns over unresolved provisions affecting the broader digital asset regulatory framework. As a result, bipartisan agreement remained incomplete before the Senate adjourned.

Republican leadership had explored procedural paths that could accelerate consideration of several pending measures. Those efforts included discussions surrounding unanimous consent agreements before the recess. Nevertheless, senators did not reach the broad agreement required to move the legislation forward immediately.

The Senate also considered the procedural requirements necessary before floor debate could begin. A cloture process remains one available path for advancing the measure toward debate and voting. Even so, leadership chose to postpone that effort until lawmakers return after the August break.

CLARITY Act Background Keeps Digital Asset Framework in Focus

The CLARITY Act seeks to establish a comprehensive regulatory structure for digital assets across the United States. The proposal aims to define oversight responsibilities and improve regulatory certainty for the industry. Accordingly, lawmakers continue treating the legislation as a significant policy initiative.

The House previously approved the CLARITY Act before sending the legislation to the Senate. That action placed responsibility on senators to review, debate, and determine the bill’s future. Therefore, the Senate now holds the next major step in the legislative process.

Supporters argue that the proposal would provide clearer rules for digital asset markets and related businesses. Meanwhile, lawmakers continue examining governance, compliance, and oversight provisions within the legislation. Those discussions remain active despite the delayed voting schedule.

The postponement does not remove the bill from the Senate agenda after the recess. Instead, leadership intends to prepare the legislation for consideration when lawmakers reconvene in September. Consequently, negotiations are expected to continue during the intervening weeks.

Committee work and private discussions may also shape the bill before its return to the Senate floor. Senators from both parties still have opportunities to address remaining policy differences. Therefore, revisions could emerge before leadership schedules the measure for debate.

The Senate’s decision reflects the chamber’s broader legislative calendar rather than a final judgment on the proposal. Lawmakers still retain multiple procedural options for advancing the measure after the recess. For now, the CLARITY Act remains under Senate consideration as discussions continue toward a possible September floor vote.

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