Crypto exchange trading spiked to the largest volume since March during and after the US presidential election last week. Moreover, Bitcoin and USDT inflows into exchanges also increased strongly amid renewed investor activity.
Regarding inflows into exchanges, Binance saw the most activity, experiencing high inflows of both USDT and Bitcoin. Binance clearly dominated the inflows of USDT into exchanges on the US Presidential election week, with a total of $7.7 Billion USDT sent into the exchange. Coinbase received $4.3 billion in USDT and other exchanges a total of $6.5 billion. More USDT on exchanges provides means higher exchange liquidity and trading activity.
Additionally, inflows of USDT into Binance seem to correspond with activity from larger investors. With respect to Bitcoin flows, Binance received 20k Bitcoin on the election day and a total of 26k Bitcoin the next two days after the election.
In the US, Coinbase was the most active exchange, receiving 23k Bitcoin on November 5, and almost a total of 44k Bitcoin in the subsequent two days.
Furthermore, crypto trading activity in the perpetual futures market spiked to the largest weekly volume since March, $1.1 trillion. Of this total crypto trading volume, 43% occurred on Binance. Other exchanges that saw large trading volumes were OKX, Bitget and Bybit.
The Trump victory seems to have renewed investor demand for Bitcoin and crypto, with Bitcoin increasing to new all-time highs near $90k.
Written by CQ Research
