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CCData has just released the October 2024 edition of its popular and highly-respected Exchange Review report.
CCData is a Financial Conduct Authority (FCA)-authorized benchmark administrator and global leader in digital asset data and publishes comprehensive Exchange Review reports monthly. These reports analyze key developments in the cryptocurrency exchange market, covering exchange volumes, crypto derivatives trading, market segmentation by exchange fee models, and crypto-to-crypto versus fiat-to-crypto volumes. The reviews also examine Bitcoin trading against various fiat currencies and stablecoins, provide rankings of top crypto exchanges by spot trading volume, and track volume trends for trans-fee mining and decentralized exchanges.
According to CCData’s analysis, October 2024 saw a significant rebound in cryptocurrency trading activity, with combined spot and derivatives trading volume on centralized exchanges climbing 19.0% to reach $5.19 trillion. This marked the fifth-highest monthly volume for the year, as digital asset prices rallied, with Bitcoin approaching its previous all-time high from March.
CCData’s data shows that spot trading volume increased by 18.0% to $1.50 trillion, while derivatives trading saw a 19.4% jump to $3.59 trillion. The report mentions that Binance maintained its position as the dominant exchange, with spot and derivatives volumes rising 22.4% and 17.6% to $421 billion and $1.49 trillion, respectively. CCData notes the exchange currently holds a 36.9% market share, followed by OKX at 14.6%, Bybit at 13.1%, and Bitget at 11.4%.
A notable finding was that Bitcoin’s open interest reached a new all-time high of $48.3 billion on October 30th. Their analysis shows that the CME exchange, a leading institutional trading venue, captured 30.6% of open interest in BTC instruments, indicating strong institutional participation in directional trading and carry trades for positional hedging strategies.
CCData says that total open interest across all instruments on centralized exchanges rose 18.5% to $75.6 billion. According to their data, Binance led with a 27.0% market share, followed by CME at 19.8% and Bybit at 18.8%.
The report highlights that the CME exchange recorded its second-highest monthly volume in October, with aggregate trading volume increasing 17.2% to $133 billion. CCData’s analysis shows Bitcoin futures volume on CME grew 13.7% to $108 billion, while BTC options volume surged 55.8% to $2.20 billion, reaching its highest level since August.
In their examination of Ethereum trading, CCData found mixed results on CME. While ETH futures volume increased 27.6% to $15.1 billion—the seventh-highest volume this year—ETH options volume decreased by 23.2% to $224 billion, hitting its lowest level since July 2023.
The derivatives market continued to dominate overall trading activity, with its market share reaching 71.0%, up from 70.8% in September. This represents the highest derivatives trading market share for the year, highlighting the speculative nature of the market as traders position themselves ahead of the November US presidential elections.
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