每日交易所交易量達到1170億美元，創12個月新高

Daily exchange trading volume has reached its highest level in 12 months, at $117 billion, while the average trading volume during the same period was $44 billion.

As of mid-November, dollar-backed exchange trading volume has reached $229 billion, almost matching October's $237 billion in the remaining half month. This surge coincides with Bitcoin hitting an all-time high of over $90,000, indicating increased market participation across the trading ecosystem.

Volume metrics indicate a shift in market dynamics across the industry.

The rapid growth in trading volume within just half a month suggests concentrated trading activity rather than gradual accumulation. The current trading volume has set an impressive record so far, indicating higher trading intensity at each price level. The sustained high volume of structured products like ETFs suggests continued market participation rather than isolated spikes. 

 

The market structure differs significantly from the 2021 cycle:

• This cycle is characterized by more regulated environmental oversight, improved institutional infrastructure, and a more positive regulatory outlook.
• The combination of spot ETF trading volume and traditional exchange trading volume suggests that more traditional asset allocators will participate in the broader market.

The sustainability of these trading volume levels may depend on ongoing price discovery. However, as market infrastructure matures, higher benchmark trading volumes may become the new norm.

As market participants adapt to new trading patterns, the relationship between trading volume and price volatility may change.

This is an excerpt from The Block's Data & Insights newsletter. Delve into the numbers that make up the industry's most thought-provoking trends.