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Crypto derivatives, volumes down in November
Crypto derivatives, volumes down in November
Crypto

Crypto derivatives, volumes down in November

By Vincenzo Cacioppoli - 6 Dec 2021

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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 derivative volumes
Crypto derivatives, a November volume down

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). 

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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