Golden Finance reports that Kaiko pointed out in its market analysis that BTC's 60-day realized volatility has steadily declined over the past decade, reaching a multi-year low before the U.S. elections. Altcoins have also experienced a similar trend, with both ETH and SOL significantly dropping from their annual highs in November. However, this situation began to change following the elections and President Trump's victory. In particular, the volatility of XRP has surged, with realized volatility rising over 100% for the first time since July 2023. The recent rise in cryptocurrencies has sparked an increased demand for liquidity in stablecoins, both off-chain and on-chain. Since late October, the cost of borrowing USDT and USDC from Binance has more than doubled. While these rates typically fluctuate based on market conditions and supply-demand dynamics, this increase indicates a growing demand for leveraged positions in both spot and futures markets. Meanwhile, the market capitalization of stablecoins has also reached an all-time high. Additionally, stablecoin lending rates on Aave V3 have also risen in November. In recent months, the cumulative trading volume delta (CVD) of USDT-USD has shown a significant increase in net purchases since November, indicating that traders are shifting from fiat currencies to stablecoins. The dominance of USDT relative to other dollar-backed stablecoins surged from 69% at the beginning of November to a 13-month high of 86% on November 26, before dropping back to 80% last week. Over the past month, the trading volume of euro-backed stablecoins has surged tenfold, increasing from $5 million daily in October to over $70 million at the annual peak in early November, with a slight decline last week. Since 2022, trading volume has consistently remained above $20 million daily, indicating strong demand. This growth has been primarily driven by the Eurite (EURI) stablecoin and Circle's EURC, which together accounted for more than 90% of the total trading volume in November. While EURC remains the market leader with about 50% market share, the MiCA-compliant stablecoin EURI has gained attention since its launch on Binance at the end of August.

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