Coinbase International saw a total trading volume of over $119 billion this past week, averaging nearly $20 billion per day.
The weekly total is 124% higher than the previous week’s total, while this past week’s daily average is 164% higher than the previous week’s daily average.
For further reference, Coinbase International averaged just $2.5 billion per day in trading volume throughout November. So far in December, the exchange has averaged nearly $10 billion a day in trading volume.
The top five trading pairs on Coinbase International, which includes perpetual futures for BTC, ETH, SOL, XRP and DOGE, make up 99.8% of the exchange’s total volume this week. BTC-PERP comprised 57% of the total volume, followed by ETH-PERP with 34%.
The dominance of BTC and ETH trading pairs on the exchange is not a surprise, as it caters more towards non-U.S. institutions instead of individual retail participants.
The rise of Coinbase International comes after several key expansion strategies the platform has conducted in recent months, including:
All in all, 2024 has been the biggest year so far for Coinbase International, and its trading volumes show it is starting to reap the benefits of the seeds it has sowed earlier in its lifecycle.
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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