Bitcoin rally lifts India crypto trading volumes as BTC nears $80K

Bitcoin’s sharp rally over the past week has revived activity in India’s cryptocurrency market, with major exchanges reporting higher spot and futures trading volumes.

Bitcoin BTC was trading around $79,000 at the time of writing.

Bitcoin rally boosts trading activity

According to a Moneycontrol report, CoinDCX, CoinSwitch, WazirX, Mudrex and Giottus all reported increased trading activity as the cryptocurrency rally attracted traders.

CoinDCX saw its trading volume more than double between August 19 and August 21.

Its spot trading volume rose from around 5 million-6 million to approximately $13 million during the final two days of that period. On August 23, its average trading volume stood at about 11.7 million USDT.

Bitcoin trading volumes on CoinDCX also increased significantly.

Sumit Gupta, co-founder and CEO of CoinDCX, told Moneycontrol that BTC trading volume rose from roughly 300,000-700,000 during the earlier period to $2 million on August 21.

Mudrex reported a 20% week-on-week increase in spot volumes, indicating stronger participation from traders seeking exposure to the rally.

Activity in derivatives was even stronger on some platforms. WazirX said daily futures volumes increased almost sevenfold between August 16 and August 22, while the number of active futures traders also increased.

Giottus reported a 22% increase in spot volume and a 31% rise in futures volume.

CEO Vikram Subburaj said average volume per trader increased by approximately 10% in spot trading and 11% in futures after accounting for the increase in participants.

US policy and liquidity expectations drive rally

The Bitcoin rally began on August 19 after US Treasury Secretary Scott Bessent announced an increase in the maximum size of certain long-dated Treasury buybacks.

The move was interpreted by markets as a potential liquidity signal. Subburaj said the announcement initially pushed long-term yields lower and weakened the dollar, creating a more favorable environment for Bitcoin.

The rally was also supported by developments around US cryptocurrency regulation.

President Donald Trump met with cryptocurrency executives and called for Congress to pass the CLARITY Act, while rules under the GENIUS Act are expected to be finalized before November.

Institutional demand also strengthened. US spot Bitcoin ETFs recorded around $1.92 billion in net inflows during the week.

Once Bitcoin broke out of its previous trading range, ETF inflows combined with the liquidation of more than $4 billion in short positions to accelerate the advance.

Ethereum, XRP and Solana see stronger interest

The rally extended beyond Bitcoin, with Indian exchanges reporting increased interest in several major tokens.

CoinSwitch said Ethereum, XRP, Dogecoin, Shiba Inu and Solana attracted strong participation.

Balaji Srihari, vice president of business for India at CoinSwitch, said broader participation was encouraging because it suggested the move was not limited to Bitcoin.

Mudrex also reported increased interest in gold and silver-linked crypto assets as traders sought exposure to the broader market.

CoinDCX said trading volumes for HYPE increased from below $25,000 to nearly $190,000.

Giottus reported that XRP was particularly sensitive to shifts in US regulatory expectations, while Solana benefited from renewed risk appetite.

Despite the stronger activity, industry participants remain cautious about the rally's durability.

Prateek Gupta, head of business at Mudrex, said it was too early to determine whether the move was sustainable and warned that a rally driven mainly by leverage or a single headline could lead to a pullback toward $65,000.

CoinSwitch's Srihari said Bitcoin would need to hold above $75,000 and decisively break the $80,000 resistance level for the recent momentum to gain further confirmation.