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In October, the combined spot and derivatives trading volume on centralised exchanges rose for the first time in four months, increasing by 53.0% to $2.57tn. This was the highest combined monthly volume recorded since June 2023. 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.
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Key takeaways:
- October sees highest month-on-month percentage rise for spot trading volumes since January 2021. Spot trading volumes on centralised exchanges rose for the first time in four months, increasing 87.2% to $632bn. This is the highest monthly spot trading volume recorded on centralised exchanges since March 2023 and the largest month on month increase since January 2021.
- Upbit market share reaches all-time high as trading volumes surge. In October, spot trading volume on Upbit jumped 209% to $57.9bn, recording the highest monthly volume for the exchange since December 2021. The spike in the exchange’s trading activity saw its market share among spot trading exchanges rise to an all-time high of 9.16%, making it the second-largest spot exchange by volume.
- CME options volumes reach new all-time highs as institutional interest soars. BTC and ETH options volume on the CME rose 142% and 107% to $1.75bn and $532mn, an all-time high for the instruments since they started trading on the exchange. The increase in trading volumes on the CME exchange hints at rising institutional interest in BTC and ETH as the markets enter a new cycle.
- BTC pairs endure a notable 33.0% plunge in market depth YTD. The market share of Binance among centralised exchanges continued to fall in October, recording the eighth consecutive month of decline to 31.9%. Despite the exchange recording a 74.9% increase in spot trading volumes to $202bn, Binance’s market share has now dropped to the lowest level since May 2022.
Spot Trading Volumes Spikes to the Highest Level Since March
Spot trading volumes on centralised exchanges rose for the first time in four months, increasing 87.2% to $632bn. This is the highest monthly spot trading volume recorded on centralised exchanges since March 2023. The increase of 87.2% witnessed in October was notably the highest month-on-month rise for spot trading volumes since January 2021.
Meanwhile, derivatives volumes on centralised exchanges rose 44.4% to $1.94tn, recording the highest monthly derivatives volume since June 2023. The derivatives market share on centralised exchange currently stands at 75.4%, the lowest since March 2023. It was a welcome return of volatility in the market after a period of low trading activity that saw centralised exchanges recording the lowest quarterly volume since Q4 2020.
CME Options Volumes Reach New Highs As Institutional Interest Soars
Derivatives trading volume on the CME exchange rose 73.5% to $57.4bn, recording the highest volumes since November 2021. The trading volume for BTC futures rose 73.4% to $44.1bn, whereas the ETH futures rose 60.6% to $10.2bn, the highest since April 2023.
Meanwhile, the BTC options and ETH options volume on the CME rose 142% and 107% to $1.75bn and $532mn, an all-time high for the instruments since they started trading on the exchange. The increase in trading volumes on the CME exchange hints at rising institutional interest in BTC and ETH as the markets enter a new cycle.
Upbit Market Share Reaches All-time High as Trading Volumes Surge
Compared to last month, Upbit made the largest gain in market share, with the exchange now accounting for 9.16% of trading volumes on centralised exchanges. This is the largest market share for the Korean crypto exchange since its inception with the platform benefitting from the renewed interest and positive sentiment in the altcoin market last month.
Meanwhile, Binance, HTX and DigiFinex saw their market share decline by 2.26%, 1.42% and 1.20% to 31.9%, 4.52% and 4.72% in October.
The information provided by this report does not constitute any form of advice or recommendation by CCData. Any redistribution of charts appearing in this Review must cite CCData as the sole provider and creator.
About CCData
CCData is an FCA-authorised benchmark administrator and global leader in digital asset data, providing institutional-grade digital asset data and settlement indices. By aggregating and analysing tick data from globally recognised exchanges and seamlessly integrating multiple datasets, CCData provides a comprehensive and granular overview of the market across trade, derivatives, order book, historical, social and blockchain data.
