Spot trading volume increases after multiple months of decline

Quick Take

  • Spot trading volume on centralized exchanges increased in October after four months of decline, according to a report.

CCData reported on Wednesday that October saw spot trading volumes on centralized exchanges increase for the first time in four months. The digital asset market insight provider put the total trading volume for the month at $632 billion, an increase of 87.2% on September.

Data from The Block's Data Dashboard for October also showed monthly spot trading volume increasing for the first time in four months. However, The Block recorded lower figures, with total spot trading volume across centralized exchanges in October at $516.43 billion, up from a low of $323.76 billion in September, and increase of almost 60%.

Spot trading volume reaches multi-month high

The CCData analysis said that spot trading volume in October was at a high not seen since March of this year. "This is the highest monthly spot trading volume recorded on centralized exchanges since March 2023 and the largest month-on-month increase since January 2021," analysts at CCData added.

The markets insights report suggested the uptick in activity in digital asset markets was driven by anticipation of a potential approval of a spot bitcoin ETF, and the overall bullish price action of major digital assets in the past few weeks.

Blue-chip digital assets, like bitcoin and ether, have rallied since the middle of October. The recent rally has been mostly spearheaded by bitcoin, which has been the recipient of increased capital inflows since a false report of a spot bitcoin ETF approval ignited the cryptocurrency market on October 16.


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CCData spot trading volume

Potential deadline

"With the crypto markets approaching the potential deadline for the decision on spot bitcoin ETF applications early next year, the rise in the spot trading volume combined with the positive price action last month hints at a renewed interest in digital asset markets," CCData analysts added.

Dividing the spot trading volume data for October between top-tier and lower-tier exchanges, the market insight report found that top-tier spot volumes rose 88.7% to $426 billion, and lower-tier spot volumes rose 84.3% to $207 billion.

In the past month, top-tier exchanges such as Coinbase and Binance increased their market share of trading activity. "Top-Tier exchanges now represent 67.3% of total spot volume based on CCData's latest November 2023 Exchange Benchmark Ranking, compared to 66.8% last month," that analysis added.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Brian McGleenon is a UK-based markets reporter for The Block. He has worked as a financial journalist and producer for multiple news outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and one in development with Northern Ireland Screen. Apart from web3 and cryptocurrency developments, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity research. Get in touch via email [email protected].


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