AAX exchange sees record volume growth in November bull market
Cryptocurrency futures exchange AAX has reported record-breaking volume for November, including the highest single-day trading action in its history. Close to $2.5 billion was traded in 24 hours during a bumper month for AAX that saw the platform dominate key regional markets.
November was the busiest month on record AAX, whose spot and futures markets saw unprecedented demand as Bitcoin surged to a new high. On the exchange’s busiest day, $2.48 billion of USDT was swapped across spot and futures markets. AAX has also shared a number of other metrics for November that attest to the robust demand for its services, and for cryptocurrency in general.
Three of the exchange’s top 10 traders for the month of November were female, belying common assumptions about the archetypal professional trader. Data also suggests that the average age of AAX traders is slightly older than that of the market at large, at 33.8 years.
In terms of market share, the CIS region, comprising former Soviet states, is where AAX is most dominant. 61% of all trading volume originated there during November, followed by Europe and then Singapore. According to AAX CEO Thor Chan:
Cryptocurrency is an asset class that refuses to be easily pigeon-holed or categorized with anything that’s gone before. And the same is true of the average cryptocurrency trader. Our anonymized user data shows that there is no ‘average’ crypto trader: today’s pros are more diverse and more distributed, geographically than ever before.
As Bitcoin rallies to new highs, and institutional demand heightens, crypto volume is sure to increase across the board. November has been our most successful month to date, but December is already on course to eclipse that record.
About AAX: AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange’s LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
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