Trading volume on centralized cryptocurrency exchanges reached 10 trillion USD in November, doubling from the previous month, thanks to optimistic sentiment following the U.S. elections.
The global cryptocurrency market experienced an unprecedentedly vibrant November, with total trading volume on centralized exchanges (CEX) surpassing 10 trillion USD, according to the latest report from CCData, a cryptocurrency data analytics company.
This impressive figure marks the first time that monthly trading volume has exceeded the 10 trillion USD threshold, increasing by more than 100% compared to October. This boom is attributed to positive market sentiment after the U.S. presidential election, as investors anticipate a more favorable regulatory environment for cryptocurrencies under the new administration.
U.S. elections drive a wave of cryptocurrency investment
According to CCData, Donald Trump's victory in the U.S. presidential election in early November generated a wave of optimism in the cryptocurrency market. Investors believe the new administration will have a more open policy toward this industry, thereby driving up the prices of digital assets.
This confidence triggered a strong buying spree, pushing trading volumes to record levels. Specifically, trading volume in the spot market increased by nearly 130% compared to the previous month, reaching over 3.4 trillion USD. Some major exchanges like Upbit, Bybit, Crypto.com, Gate.io, and Bullish even recorded their highest monthly trading volumes ever.
Source: CCData
This growth is also clearly reflected in the performance of cryptocurrency-related companies. For example, shares of Galaxy Digital, a cryptocurrency trading company, soared 25% on November 5 after Trump's victory, marking the company's busiest trading day of the year.
Not only the spot market but also the cryptocurrency futures market witnessed a boom with a growth rate of nearly 90% compared to October, reaching a total trading volume of nearly 7 trillion USD. The launch of the Arkham futures exchange on November 6, targeting the retail investor segment, also contributed to this growth.
Source: CCData
Additionally, the listing of options contracts on Bitcoin ETFs by major exchanges such as the New York Stock Exchange (NYSE) and Nasdaq after being approved by the U.S. Securities and Exchange Commission (SEC) in September was also a key driver. On the very first trading day (November 18), BlackRock's Bitcoin ETF options contracts reached a total trading value of nearly 2 billion USD, demonstrating the strong appeal of this product.
The SEC's approval of options contracts on Bitcoin ETFs is seen as a significant step toward legalizing and promoting institutional acceptance of Bitcoin. Fund managers expect the launch of this product to unlock "extraordinary growth potential" for Bitcoin investors while attracting additional capital from large institutions into the market.
