Crypto Spot Trading Volume Surges to $2.71 Trillion in November, Doubling October’s Numbers

November saw a resurgence in cryptocurrency trading, with monthly spot trading volumes soaring to $2.71 trillion—the highest level since May 2021.

The figure represents a more than twofold increase from October’s $1.14 trillion, according to data from The Block.

Per the data, Binance dominated the market, processing $986 billion and accounting for 36% of the total volume.

Crypto Spot Trading on Major Exchanges Performs Well in November

Other major exchanges, including Crypto.com, Upbit, and Bybit, also reported impressive performances, each exceeding $200 billion in monthly trading volume.

The rally extended to futures markets as well, with Bitcoin futures reaching $2.59 trillion in total trading volume and Ethereum futures hitting $1.28 trillion—both marking their highest levels in over two years.

The surge was largely driven by the reelection of pro-crypto Republican Donald Trump as U.S. President on November 6.

This political development spurred a price rally, with Bitcoin breaking its all-time high to reach $99,635 and Solana hitting a new peak later in the month.

The GMCI 30, an index tracking the top 30 cryptocurrencies, rose by 62.3% in November.

JUST IN: Global #crypto spot trade volume hit $2.7T in November, the highest since May 2021. pic.twitter.com/lBc8OMOdGq

— Breaking Whale (@BreakingWhale) December 2, 2024

Adding to the momentum was the resignation of SEC Chair Gary Gensler, whose departure was welcomed by many in the crypto industry as a potential shift toward less aggressive regulation.

Furthermore, November was a historic month for Bitcoin exchange-traded funds (ETFs) in the United States, with investors pouring $6.4 billion into spot BTC ETFs.

The surge in inflows coincided with a month-long rally that saw Bitcoin’s price soar by 45%, reaching an all-time high of $99,000.

BlackRock’s Bitcoin Fund Dominates Inflows in November

Data from Farside Investors revealed that BlackRock’s iShares Bitcoin Trust ETF dominated the inflows, accounting for $5.6 billion—or nearly 87%—of the total.

Other major contributors included Fidelity’s Wise Origin Bitcoin Fund, which attracted $962 million, Grayscale’s Bitcoin Mini Trust ETF with $211.5 million, and the VanEck Bitcoin ETF at $71.2 million.

The bullish momentum was driven by strong market sentiment, with Bitcoin’s price climbing from $68,000 at the start of November to its record-breaking peak.

Analysts believe the consistent inflow of funds from both institutional and retail investors will sustain the ongoing rally as Bitcoin enters a critical price discovery phase.

Despite the inflows, some ETFs recorded significant outflows, totaling $411 million.

The Grayscale Bitcoin Trust ETF led the losses, with $364 million in outflows, followed by Bitwise Bitcoin ETF at $40.4 million and Valkyrie Bitcoin Fund at $6.8 million.

The Crypto Fear & Greed Index, which gauges investor sentiment, hit a yearly high of 92 on November 22, reflecting strong confidence among market participants.

Although the index dipped slightly in December, sentiment remained highly positive.

As reported, Grayscale Investments has seen its cryptocurrency holdings skyrocket in November, driven by surging altcoins like Stellar (XLM) and XRP.

Data from Cryptorank reveals an 85% surge in the market capitalization of Grayscale’s crypto portfolio over the past month.