November 2024 marked a milestone for the digital asset industry, as trading activity on centralised exchanges reached unprecedented levels. 

Combined spot and derivatives volumes soared 101% month-on-month, hitting $10.4 trillion, according to CCData’s November Exchange Review. 

Spot Trading Volumes Spike

Spot trading volumes saw a significant increase, climbing 128% to $3.43 trillion. This is the second-highest monthly total on record, trailing only May 2021. 

A surge in confidence following the US presidential election spurred both retail and institutional investors to flock to centralized exchanges. Daily trading activity reached a new peak on November 12, with aggregate volumes hitting $221 billion. Exchanges such as Upbit, Bybit, and Gate.io set new records for monthly volumes on their platforms.

South Korea played a key role in this surge. Spot trading volumes on Upbit, the country’s largest exchange, skyrocketed by 358% to $170 billion, while the combined trading volume of South Korea’s top five exchanges rose 294% to $254 billion. The region now accounts for 7.38% of global spot trading volumes.‍

Derivatives Market Also Sets Records

Derivatives trading volumes rose by 89.4% to $6.99 trillion, surpassing the previous all-time high recorded in March. While derivatives retained the majority share of trading activity at 67.1%, this was a decline from October's 71.1%, indicating a shift toward spot accumulation. Binance led the derivatives market, recording $2.95 trillion in monthly volume, followed by OKX with $1.23 trillion and Bybit with $1.06 trillion.

Institutional activity on the CME exchange also reached new highs. Bitcoin futures volumes increased by 72.2% to $186 billion, while Ether futures surged 122% to $33.6 billion. CME’s options trading volume rose by 154% to $6.16 billion, setting new all-time highs for both Bitcoin and Ether instruments.‍

Open Interest Hits New Levels

Open interest on centralized derivatives exchanges grew by 67.1% to $129 billion, reflecting increased leveraged positions as traders sought to capitalize on bullish price movements. Bitcoin’s price approached $100,000 in November, driving optimism across the market.