Crypto derivatives, volumes down in November

According to CryptoCompare‘s latest monthly report made by analyzing the volumes traded on major cryptocurrency exchanges, the spot market and the crypto derivatives market in November had divergent results. 

The daily high was reached on 9 November, when $131 billion was traded, up 9.6% from the intra-month high in October.

BTC volumes in fiat crash

Bitcoin’s USDT trading volumes continued to fall for the third consecutive month. A “mere” 3.2 million BTC were traded in November (down 20.7% from October and 27.8% from the recent high in August). 

Other major fiat currency trading pairs also saw declining volumes. 

The USD, JPY and EUR exchanges fell to 916k (down 13.7%), 229k (down 18.4%) and 211k (down 15.3%) respectively.

Crypto markets, spot volumes up, derivatives down

In terms of total traded volumes, November saw a divergence between spot volumes and the crypto derivatives market. 

Derivatives volumes fell 9.2% in November to $3.3 trillion. Meanwhile, total spot volumes rose 3.3% to $2.7 trillion. 

The derivatives market according to the report now accounts for 54.8% of the total crypto market (in September the percentage was 57.9%).

Among the exchanges, Binance recorded the highest volume of spot trades in November with approximately $914 billion (+6.8% compared to October). The second-largest exchange by volume, perhaps a little surprisingly, was OKEx which traded $201 billion (up 16%) and third was Coinbase with $168 billion (up 11.9%). 

BTC futures down, ETH futures up 

In November, 171,700 monthly contracts (-30.5% from October) were traded in BTC derivatives worth $48.8 billion. In contrast, CME’s ETH futures reached $23.4bn in November (up 11.6% from October), surpassing the previous month’s peak of $21bn. Meanwhile, average open interest figures for BTC futures rose 12.8% to $4.3bn in November while open interest for ETH averaged $1.2bn (up 23.4% from October).