PANews reported on November 7 that according to The Block, Julio Moreno, head of research at CryptoQuant, said: "Trump's victory has brought back American investors' demand for Bitcoin, and the Coinbase premium has turned positive for the first time since October 18." Coinbase is a favorite platform for American investors, and its premium indicates increased buying interest, especially among institutional investors who use Coinbase for large transactions.
In a sign of increasing demand from institutional investors, daily trading volume for CME Bitcoin futures hit a record high of $13.15 billion yesterday. According to Vetle Lunde, head of research at K33, average daily trading volume for CME Bitcoin futures in 2024 is now $4.56 billion - even higher than the surge in volume during the FTX crash in early November 2022. The milestone indicates a shift in Bitcoin trading activity, with institutional investors playing a growing role. In addition, data shows that in just one week in November, average monthly open interest in CME Bitcoin futures has reached a record high of $11.73 billion.
