The digital asset industry has reached a new milestone, with cryptocurrency trading activity on centralized exchanges (CEX) surpassing a combined total volume of $10 trillion in November 2024 alone.
According to data from CCData released on Wednesday (December 4), the combined spot and derivatives trading volume on CEX skyrocketed by 101% to $10.4 trillion in November. This surge reflects heightened market activity, particularly from institutional investors increasingly eyeing Bitcoin as an investment asset.
Spot trading volumes on CEX saw a remarkable jump of 128%, reaching $3.43 trillion—the second-highest monthly record since its previous peak in May 2021.
On November 12, daily spot trading volume hit $221 billion, marking an all-time high for daily activity on CEX. Platforms such as Upbit, Bybit, Crypto.com, Gate.io, and Bullish reported their highest-ever monthly trading volumes during this period.
Meanwhile, derivatives trading also experienced substantial growth, with CEX derivatives volume surging 89.4% to $6.99 trillion, exceeding the previous record set in March 2024. However, the market share of derivatives on CEX dipped slightly to 67.1% from 71.1% the previous month. This decline was attributed to increased spot market activity as the prices of major digital assets reached all-time highs.
In November, open interest (OI) on derivatives exchanges grew 67.1% to $129 billion, reflecting traders’ enthusiasm in capitalizing on the positive price movements of assets like Bitcoin, which hit a record high of $99,592.
Institutional Dominance Fuels Volume Surge on CME
Institutional participation is increasingly dominating the cryptocurrency market, highlighted by the performance of BlackRock’s iShares Bitcoin Trust (IBIT), which recorded $1 billion in trading volume within just 25 minutes of its launch.
On the CME platform, the most widely used exchange by institutions, aggregate trading volume surged 83.7% to $245 billion, setting a new all-time high.
Bitcoin futures on CME rose 72.2% in volume to $186 billion, while Ether futures experienced an exceptional 122% increase, reaching $33.6 billion—both achieving new peak volumes.
Despite this growth, CME’s market share saw a slight decline of 0.10% to 3.52%, as retail-focused platforms like Binance and Kraken expanded their market shares to 42.3% and 0.63%, respectively.
Korean Exchange Volumes Surge Amid Altcoin Boom
Among other exchanges, South Korea-based platforms saw a significant spike in trading volumes, with most local exchanges hitting new record highs.
For example, spot trading volume on Upbit soared 358% to $170 billion in November. Upbit’s market share among centralized exchanges climbed to 4.94%, the highest level since January 2024.
Collectively, the top five South Korean exchanges, including Bithumb, Coinone, and Korbit, recorded a total trading volume of $254 billion—a 294% increase from the previous month and an all-time high for the region. South Korea’s market share now accounts for 7.38% of the global spot trading volume on CEX.
South Korean traders are renowned for their preference for altcoins, with over 90% of trading volume on Upbit dominated by altcoin pairs. XRP emerged as a major beneficiary of this positive sentiment, supported by crypto-friendly regulations in the United States and the South Korean government’s decision to extend the delay on capital gains tax implementation until 2028.
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