CEX spot volume grew 11% in August, yet it's still 82% below the 2021 peak. Every major exchange printed green, but the whole move is a bounce inside a multi-year drought, not a return to old highs.

The loudest gains sit on the smallest books: Gemini nearly doubled (+90%) on just $1.3B, Deribit +63%, Bitstamp and Bitfinex both near +51%. Meanwhile the real liquidity never moved: Binance did $224B, OKX $44.3B, Bybit $44.5B.