Spot Trading Volumes Surge in October, Reaches Highest Level Since January 2021: CCData Research
Spot trading volumes on centralized crypto exchanges saw a significant surge last month, marking the highest month-on-month increase since early 2021.
According to research from CCData, the total spot trading volume rose by 87.2% to $632 billion in October, the highest monthly volume recorded since March 2023.
The increase marks the highest MoM rise in spot trading volumes since January 2021.
“The return of volatility, combined with the bullish price action, has hinted at an uptick in interest in digital asset markets, with the potential approval of spot Bitcoin ETF on the horizon,” the report said.
Derivatives trading volumes on centralized exchanges also saw a significant increase, rising by 44.4% to $1.94 trillion. This marks the highest monthly derivatives volume recorded since June 2023.
However, the derivatives market share on centralized exchanges stands at 75.4%, the lowest since March 2023.
The CME exchange saw a notable increase in derivatives trading volume, rising by 73.5% to $57.4 billion.
BTC futures trading volume rose by 73.4% to $44.1 billion, while ETH futures rose by 60.6% to $10.2 billion, the highest since April 2023.
Additionally, BTC options and ETH options volume on the CME rose by 142% and 107% to $1.75 billion and $532 million, respectively, an all-time high for the instruments since their inception.
This suggests that institutional interest in BTC and ETH is on the rise as the markets enter a new cycle.
In terms of market share, Upbit made the largest gain, with the exchange now accounting for 9.16% of trading volumes on centralized exchanges.
This is the largest market share for the Korean crypto exchange since its inception, benefiting from the renewed interest and positive sentiment in the altcoin
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