In October, trading volume on the leading spot platforms tracked by ForkLog fell 25%, to $558 billion, according to the magazine’s monthly analytical report.
Declines were recorded across all exchanges: Binance fell from $541 billion to $390 billion, FTX from $52 billion to $36 billion. Only Coinbase’s drop was less pronounced — $47 billion versus $48 billion in September.
As a result, total trading volume on crypto exchanges was the lowest since December 2020.
In the past month, futures trading volume for Bitcoin and Ethereum also declined noticeably. The combined figure for the platforms was the lowest since November 2020, at $810 billion and $680 billion respectively.
Options have been more stable.
After peaking open interest in futures in September, the metric began to fall. During October, total open interest declined by 100,000 BTC.
On 25 October, the price of the first cryptocurrency breached the $20,000 level after a prolonged period of extremely low volatility.
In the same month, the total of lost bitcoins, as well as digital gold in the wallets of long-term crypto investors reached a five-year high. According to Glassnode, the rise in this metric signals a shrinking active market supply, which bodes well for the asset provided demand remains growing or unchanged.
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