Crypto Exchanges’ Monthly Trading Volume Surpasses $1T

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In December, for the first time since September 2022, the monthly trading volume on cryptocurrency exchanges surpassed $1 trillion.

According to The Block, the total volume for December was $1.1 trillion, the highest recorded since May 2022 when it reached $1.35 trillion.

Binance dominated the market with 39.3% of the total volume, equivalent to $432.7 billion, while Upbit and OKX accounted for 8.3% ($91.8 billion) and 8% ($87.5 billion) respectively.

This significant increase in trading activity in the last month of 2021 can be attributed to the anticipation of the approval of spot Bitcoin ETFs in the US, driving market enthusiasm.

Despite the usual slow pace of trading during the holiday season, head of The Block Research Stephen Zheng noted that the record-breaking monthly volume reflects the industry’s optimism for the approval of spot Bitcoin ETFs and the resurgence of the bull market.