The trading volume on crypto exchanges a increased by more than 40% at November. The giant Binance continues to lose from market share at profit of its rivals OKX and Bybit.
Last month, total trading volume (spot and derivatives) recorded on centralized crypto exchanges soared to $3.6 billion, according to CCData.
An increase of more than 40% compared with October, according to data provider web3, which points out that this is a level not seen since March 2023.
The increase in trading activity on centralized platforms coincides with the rise in cryptocurrency prices. The price of Bitcoin has risen by over 25% in the last 30 days, recently topping $40,000.
The rally is said to be fueled mainly by hopes of an SEC-approved cash ETF on the market’s first crypto and by favorable macroeconomic winds.
In November , spot trading volume climbed 52% to $965 billion. Derivatives trading volume rose by 37.3% to $258 billion.
According to CCData, the market share of the number 1 exchange continued to fall for the 9th consecutive month, to 43.4%. Trading volume on Binance, however, rose by almost 35% last month to $1,570 billion.
OKX and Bybit capitalize as Binance’s market share continues to decline,” wrote CCData.
The leading platform could nevertheless see its market share increase again following the agreement reached with the US at the end of November and “given the current low regulatory risk”.
Binance recently pleaded guilty in a criminal case in the US. The world’s largest crypto exchange will have to pay a fine of $4.3 billion.
Meanwhile, the CME exchange has overtaken Binance in BTC Futures Open Interest. Derivatives trading volume on CME rose 18.4% to $67.9 billion last month.
“This is the first time CME has become the largest BTC futures trading venue since October 2021. The rise in open interest on the CME exchange highlights the increase in institutional interest in Bitcoin as markets anticipate the potential approval of the Bitcoin Spot ETF next year,” said CCData.
Last summer, trading volume on crypto exchanges had fallen to its lowest level since 2020.
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