Daily exchange trading volumes have reached a 12-month high of $117 billion compared to an average of 44 billion over the same time period.

USD-supported exchanges have already recorded $229 billion in volume by mid-November, nearly matching October's total of $237 billion with half the month remaining. This surge coincides with bitcoin setting new all-time highs above $90,000, indicating increased market participation across the trading ecosystem.

The volume metrics suggest evolving market dynamics across the industry.

The rapid pace of volume growth in just half a month points to concentrated trading activity rather than gradual accumulation. Current volumes have set impressive marks so far, suggesting higher trading intensity per price level. The sustained high volume days across structure products like the ETFs indicate persistent market engagement rather than isolated spikes. 

The market structure shows notable differences from the 2021 cycle:

The sustainability of these volume levels may depend on continued price discovery. However, as market infrastructure matures, higher baseline trading volumes could become the new normal.

The relationship between volume and price volatility may evolve as market participants adapt to new trading patterns.

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

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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