In December, cryptocurrency exchange trading volume surged past the $1 trillion mark, marking a milestone not achieved in over a year. According to the report, total exchange volume for the month reached $1.1 trillion.
The last instance of monthly trading volume crossing this threshold was in September 2022, totaling $1.03 trillion. This recent surge in trading volume represents the highest monthly mark since the peak of $1.35 trillion recorded in May 2022.
In December, Binance took the lead among competing exchanges, accounting for 39.3% of the month’s volume with a total of $432.7 billion in trading. Upbit followed with 8.3%, or $91.8 billion, and OKX with 8%, or $87.5 billion.
The surge in December’s activity likely stems from the crypto industry’s optimism regarding the potential approval of spot bitcoin ETFs. Historically, December tends to be a slower month for crypto trading, making the $1 trillion monthly spot volumes particularly significant. This surge reflects the industry’s hopeful outlook toward the possible approval of spot bitcoin ETFs and the potential resurgence of a bull market.
In parallel with this anticipation, Bitcoin experienced a weekend rally, climbing by 6% to surpass $45,000, says data from CoinMarketCap.
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