Coinspeaker Crypto Trading Volume Hits $10 Trillion for the First Time in November
November was a groundbreaking month for the cryptocurrency world. For the first time, trading volumes across centralized spot and derivatives exchanges crossed an unprecedented $10 trillion mark. This surge wasn’t just another footnote in crypto history but a resounding testament to the market’s growing strength and maturity.
The spike, reported by CCData, indicated a 100% increase in combined trading volume compared to the previous month. Several factors contributed to this explosive growth, including renewed optimism sparked by Donald Trump’s presidential election victory. Bitcoin BTC $97 989 24h volatility: 2.0% Market cap: $1.94 T Vol. 24h: $99.49 B , often seen as the market’s bellwether, surged by 38%, reaching a record high of almost $100,000.
“This sentiment is evident in the increased appetite for assets like Ripple, which has historically faced heightened regulatory scrutiny. Optimism is also evident on the institutional side, with CME volumes seeing a significant uptick and substantial inflows into spot Bitcoin ETFs over the past month,” said Jacob Joseph, senior research analyst at CCData.
Spot and Derivatives Trading Hit Historic Highs
Centralized exchanges (CEXs) witnessed a remarkable uptick in activity. Monthly spot trading volumes soared by 128%, reaching $3.43 trillion—the second-highest monthly total since May 2021. Derivatives trading wasn’t far behind, climbing 89% to $6.99 trillion and surpassing its previous record set in March.
Aggregate Monthly Spot Volumes | Source: CCData
Interestingly, South Korean platforms like Upbit saw massive engagement as traders dived into altcoins. The institutional side mirrored this trend, with the CME exchange reporting an 83% rise in aggregate trading volume, hitting an all-time high of $245 billion.
November was also a milestone month for many exchanges, including Bybit, Crypto.com, Gate.io, and Bullish, all of which recorded their highest-ever trading volumes. The impact of these developments wasn’t confined to just retail traders; institutional players were equally engaged, signifying a broader market transformation.
“Several spot exchanges including Upbit, Bybit, Crypto.com, Gate.io and Bullish recorded a new all-time high for the monthly volume traded on their respective platforms,” the report said.
Elections, Regulations, and the Ripple Effect
The U.S. presidential election was a catalyst that changed the crypto landscape. Trump’s victory on Nov. 5 brought hope for a more favorable regulatory framework in the U.S., driving investors to capitalize on the positive momentum in digital asset prices. Shares of Galaxy Digital, a prominent crypto trading desk, jumped 25% the same day, marking its best trading day of the year.
This wave of optimism had a noticeable ripple effect. Altcoins saw renewed attention, while institutional products like Bitcoin ETFs gained traction. Options contracts tied to Bitcoin ETFs, introduced by the NYSE and Nasdaq following SEC approval in September, further expanded market opportunities.
On Nov. 18, BlackRock’s Bitcoin ETF options debuted with $2 billion in exposure on the first day of trading. Investment managers expect this to accelerate institutional adoption and create new avenues for Bitcoin holders to unlock value.
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Crypto Trading Volume Hits $10 Trillion for the First Time in November
