Spot Trading Volume Finally Explodes Following Months Of Stagnation

It has been just revealed that spot trading volume finally exploded following months of stagnation. Check out the latest reports and numbers below.

According to CCData’s report on Wednesday, centralized exchanges saw an increase in spot trading volumes in October for the first time in four months.

The total trading volume for the month was $632 billion, which is 87.2% higher than September.

The Block’s Data Dashboard for October also showed a similar increase in monthly spot trading volume.

However, The Block recorded lower figures, with total spot trading volume across centralized exchanges being $516.43 billion in October, up from a low of $323.76 billion in September, which is an increase of almost 60%.

According to CCData analysis, spot trading volume in October reached the highest point since March of this year.

The centralized exchanges recorded the highest monthly spot trading volume since March 2023, with the largest month-on-month increase since January 2021.

The market insights report suggests that the increase in activity in the digital asset markets is due to the anticipation of the approval of a spot Bitcoin ETF and the overall bullish price action of major digital assets in the past few weeks.

The rally in blue-chip digital assets, such as Bitcoin and Ether, has been mostly spearheaded by Bitcoin since the middle of October.

The surge in capital inflows towards Bitcoin was triggered by a false report of the approval of a spot Bitcoin ETF on October 16, which ignited the cryptocurrency market.

“With the crypto markets approaching the potential deadline for the decision on spot bitcoin ETF applications early next year, the rise in the spot trading volume combined with the positive price action last month hints at a renewed interest in digital asset markets,” CCData analysts added.

The market insight report has divided the spot trading volume data for October between top-tier and lower-tier exchanges.

According to the report, top-tier spot volumes increased by 88.7% to $426 billion, while lower-tier spot volumes increased by 84.3% to $207 billion.

In the past month, top-tier exchanges like Coinbase and Binance have increased their market share of trading activity.

The analysis added that top-tier exchanges now represent 67.3% of total spot volume based on CCData’s latest November 2023 Exchange Benchmark Ranking, compared to 66.8% last month.