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The cryptocurrency market experienced a notable surge in trading activities in November, with major exchanges seeing a substantial increase in both spot and futures trading volumes.
What Happened: In an impressive month-over-month growth, spot trading volumes on major exchanges jumped by 60% in November. Leading this surge were KuCoin, OKX, and Mexc, with increases of 109%, 93%, and 70% respectively, according to statistics compiled by Wu Blockchain.
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On the lower end, Bitfinex, BitMart, and Gate experienced more modest increases of 28%, 33%, and 37%, respectively.
Futures trading volumes followed suit, recording a significant month-over-month increase of 44.4%.
Crypto.com led this category with an 83% increase, followed closely by OKX at 68% and Kucoin at 51%.
This growth in futures trading suggests a growing appetite for more sophisticated trading instruments among crypto investors.
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Conversely, Mexc, Bitget, and Deribit saw the smallest increases in this sector, with 6%, 22%, and 23% respectively.
Web Traffic: In addition to trading volumes, website traffic on major exchanges also saw an overall increase of 8.5% in November. Kucoin, Crypto.com, and Binance topped the list with 32%, 27%, and 23% increases in website traffic, respectively.
In contrast, Huobi, Bybit, and Gate experienced decreases in website traffic, with Huobi notably dropping by 84%.
Meanwhile, Bitfinex’s alpha report on Monday stated that the supply of Bitcoin (CRYPTO: BTC) held on centralized exchanges dropped to its lowest level in six years in the past week, equalling levels seen in 2017, indicating a general decrease in intentions to sell.
“Currently, the supply of Bitcoin on exchanges has reverted to levels last seen in 2017 and would indicate an increased desire by investors to continue holding at these levels, a potential shift towards decentralized or self-custody solutions, or a general decrease in intentions to sell. A sustained reduction in exchange-held Bitcoin can have significant implications for Bitcoin’s liquidity, volatility, and overall market dynamics,” the analysts stated.
Read Next: HODL Your Breath, Crypto Enthusiasts: VanEck Reveals Proposed Ticker For Spot Bitcoin ETF
Image by John Howard from Pixabay
“Finish 2023 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to end 2023 strong with 12 hot stock ideas every single month. ACT FAST.
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