Crypto trading volume reaches $10.4T in November

A recent report from CCData indicates that the total trading volume in the cryptocurrency sector reached an unprecedented $10.4 trillion in November, driven largely by derivatives trading.

The surge in trading activity has been attributed to heightened optimism following Donald Trump's promises of a more favorable regulatory environment.

Derivatives trading accounted for a significant portion of this increase, dominating the traffic on centralized exchanges.

“This sentiment is evident in the increased appetite for assets like Ripple (CRYPTO:XRP), which has historically faced heightened regulatory scrutiny,” Jacob Joseph, a senior research analyst at CCData, noted the impact of this sentiment.

He also highlighted the positive trends in institutional trading, with notable increases in CME volumes and substantial inflows into spot Bitcoin (CRYPTO:BTC) ETFs over the past month.

Interestingly, the growth was not limited to US exchanges. South Korea's Upbit emerged as the fastest-growing exchange, reporting a remarkable 358% rise in monthly spot trading despite facing accusations of 600,000 KYC violations from regulators.

Options trading also saw significant growth, with Bitcoin options on the Chicago Mercantile Exchange (CME) reaching an all-time high of $5.54 billion, reflecting a 152% increase.

The approval of Bitcoin ETF options trading by the OCC in November likely contributed to this surge in options trading activity.

While CCData's report focused solely on direct crypto traffic through centralised exchanges and did not include ETF volumes, it noted that these options generated substantial trading activity, with BlackRock surpassing $425 million on its first day.