Yigit Taha OZTURK 
Daily trading volumes have surged to $117 billion, marking the highest level in the past 12 months. The average volume during this period was around $44 billion.
USD-backed exchanges recorded $229 billion in volume in mid-November, almost reaching the total volume of $237 billion for October. This spike coincided with Bitcoin reaching its all-time high above $90,000, reflecting increased participation in the trading ecosystem.
This surge in volume points to changing market dynamics within the sector.
Dynamics of Volume Increase
The rapid volume increase in just half a month suggests intense trading activity rather than gradual accumulation. Current volumes indicate higher trade density at specific price levels. Persistent high-volume days, especially in Spot ETFs, signal consistent market participation, not isolated surges.
This cycle is marked by a more regulated environment, well-established institutional infrastructure, and a more positive regulatory outlook. The combination of Spot ETF trading and traditional exchange volumes suggests broader market participation, particularly from traditional asset allocators.
The sustainability of these volume levels may depend on continued price discovery. As the market infrastructure matures, higher base trading volumes could become the new norm. The relationship between volume and price volatility may evolve as market participants adapt to new trading models.
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