Global cryptocurrency trading volumes soared to unprecedented heights in November, exceeding $10 trillion for the first time across centralised spot and derivatives exchanges. The surge comes amid growing optimism for a crypto-friendly regulatory environment following the election of Donald Trump as the next U.S. President.
According to data compiled by CCData, the combined trading volume doubled last month, reflecting renewed interest and enthusiasm in the digital asset market. Bitcoin, the market’s leading cryptocurrency, played a pivotal role, climbing 38% and hitting a historic high of nearly $100,000.
“This sentiment is evident in the increased appetite for assets like Ripple, which has historically faced heightened regulatory scrutiny,” said Jacob Joseph, senior research analyst at CCData. “Optimism is also evident on the institutional side, with CME volumes seeing a significant uptick and substantial inflows into spot Bitcoin ETFs over the past month.”
The report revealed that monthly spot trading volume on centralised exchanges surged by 128% to $3.43 trillion, marking the second-highest level since May 2021. Meanwhile, derivatives trading volume jumped 89% to $6.99 trillion, surpassing its previous record from March.
Institutional participation also reached new peaks, with the CME Group—an institutional exchange offering crypto futures—reporting an 83% rise in aggregate trading volume to $245 billion. This marks an all-time high for the exchange and highlights the growing interest among institutional investors in cryptocurrencies.
“Many South Korean spot crypto exchanges like Upbit saw a surge in activity as traders plunged into altcoins,” CCData noted, further underlining the global nature of this trading boom.
The renewed interest in cryptocurrencies has been largely attributed to optimism surrounding regulatory changes anticipated under Trump’s administration. His pro-crypto stance, coupled with the broader adoption of spot Bitcoin ETFs, has invigorated both retail and institutional markets.
However, while centralised platforms dominated November’s trading activity, the data does not account for volumes from decentralised finance (DeFi) platforms, which remain a growing segment of the crypto market.
As the cryptocurrency market enters 2025 with strong momentum, the industry appears poised for further growth. Analysts expect that continued institutional adoption and regulatory clarity could cement cryptocurrencies as a significant asset class in the financial world.
November’s unprecedented $10 trillion trading volume underscores the shifting dynamics of the digital asset ecosystem, driven by a mix of optimism, technological advancement, and increasing mainstream acceptance.
