Crypto Trading Volumes Surge in October 2024 Ahead of US Presidential Election: CCData Report

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As a seasoned crypto investor with over a decade of experience under my belt, I must say that the October 2024 CCData Exchange Review report has once again proven its worth as a reliable source for insights into the ever-evolving cryptocurrency market. The significant rebound in trading activity, particularly the surge in derivatives trading, is a clear testament to the resilience and adaptability of this market.

Just now, CCData unveiled the October 2024 version of their widely recognized and trusted Exchange Review report.

CCData serves as a benchmark administrator, authorized by the Financial Conduct Authority (FCA), and is a global frontrunner in digital asset data. Monthly, they release extensive Exchange Review reports that scrutinize significant happenings within the cryptocurrency exchange sector. These reports delve into exchange volumes, derivatives trading related to cryptocurrencies, classification of exchanges based on fee models, and comparisons between crypto-to-crypto and fiat-to-crypto transactions.

Based on CCData’s examination, October 2024 witnessed a substantial increase in cryptocurrency trading transactions, boosting the total spot and futures trading volume on centralized platforms by 19.0% to an impressive $5.19 trillion. This figure represented the fifth-highest monthly volume for the year, as digital asset prices surged, with Bitcoin moving closer to its previous peak from March.

According to data from CCData, the trading volume for spot markets grew by 18.0%, reaching $1.50 trillion, while derivatives trading experienced a 19.4% surge, totaling $3.59 trillion. The report emphasizes that Binance continues to lead as the top exchange, boosting its spot and derivatives volumes by 22.4% and 17.6%, respectively, to $421 billion and $1.49 trillion. CCData highlights that Binance currently controls a market share of 36.9%, with OKX coming in second at 14.6%, Bybit third at 13.1%, and Bitget fourth at 11.4%.

It was significant to discover that Bitcoin’s total outstanding contracts (open interest) peaked at an unprecedented level of $48.3 billion on October 30th. The study reveals that the CME exchange, a prominent platform for institutional trading, accounted for approximately 30.6% of these Bitcoin-related contracts. This suggests that institutions are actively involved in strategic directional trading and carry trades for risk management purposes.

According to CCData’s findings, the overall open interest on all exchange-traded instruments increased by 18.5%, reaching a total of $75.6 billion. Binance accounted for about 27.0% of this market share, making it the leading platform. CME and Bybit followed closely behind with respective shares of 19.8% and 18.8%.

The report underscores that the CME exchange experienced its second-greatest monthly trading volume in October, as total trades climbed by 17.2%, amounting to approximately $133 billion. According to CCData’s examination, the volume of Bitcoin futures contracts on CME expanded by 13.7% to reach $108 billion, while the trading volume for BTC options experienced a substantial rise of 55.8%, peaking at $2.20 billion – the highest since August.

During an analysis of Ethereum trading, CCData reported contrasting findings regarding CME. The trading volume for ETH futures surged by 27.6%, reaching a total of $15.1 billion – the seventh-highest figure this year. However, the trading volume for ETH options saw a decline of 23.2%, dropping to $224 billion – its lowest point since July 2023.

The dominance of the derivatives market in overall trading remained strong, with its portion growing to 71.0%, an increase from 70.8% in September. This marks the greatest share for derivatives trading this year, indicating a speculative trend as traders prepare for the upcoming November US presidential elections by taking strategic positions in the market.

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2024-11-06 22:00