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.

Upbit Exchange Continues to Gain Market Share as Binance Bleeds

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 market last month.

Meanwhile, Binance‘s market share among centralized exchanges continued to fall, recording the eighth consecutive month of decline to 31.9%.

Despite the exchange recording a 74.9% increase in spot trading volumes to $202 billion, Binance’s market share has now dropped to the lowest level since May 2022.

Other major exchanges, including HTX and DigiFinex also saw their market share decline by 1.42% and 1.20% to 4.52% and 4.72%, respectively, in October.

The renewed interest in spot trading comes amid optimism around the launch of a spot Bitcoin ETF.

The new has also fueled the recent rally in crypto markets, which saw the flagship cryptocurrency reach $35,198, the highest level since May 2022.

Several prominent investment giants, including BlackRock and Fidelity, as well as crypto-focused firms like Grayscale, have submitted applications for spot bitcoin ETFs.

The U.S. Securities and Exchange Commission (SEC) is currently reviewing eight to ten filings for new spot bitcoin products, although details regarding the timing of decisions are still unclear.