The popularity of the crypto is soaring! Exchange “views” surged 8% in October, and small exchanges are experiencing explosive growth

According to data from ICO Analytics, in October this year, the cumulative monthly traffic of 20 major cryptocurrency exchanges grew by 8%, with Pump.Fun having the highest monthly growth of 100%, followed by BullX with a 78% increase, and Uniswap ranking third with a 42% growth. In terms of total traffic, the top three in October were Binance with 54 million, WhiteBit with 33 million, and Coinbase with 30 million. However, it is worth noting that despite Binance's leading position, its monthly growth was negative 0.2%. This phenomenon also occurred in other larger exchanges, suggesting that larger exchanges may face higher growth thresholds and have more difficulty capturing new or returning users, or that these users have never really left and are just experiencing normal fluctuations. On the other hand, new traffic and flows to smaller exchanges, and even to new trading domains and protocols, have seen more growth, such as Pump.fun doubling its growth compared to the previous month, and Uniswap experiencing a 42% single-month increase. This indicates that the demand for trading from emerging user groups is rapidly rising. In simple terms, when even small industry exchanges start to see significant growth, it can be said that the bullish sentiment is becoming stronger. These phenomena occurred in October, before the confirmation of the US presidential election result. The increase in cryptocurrency exchange traffic has driven the rise in the cryptocurrency market, in line with the market's "Uptober" expectation, where the cryptocurrency market typically sees an upswing after consolidation in the summer. It is worth noting that after the election results on November 6, the market reaction triggered a sharp rise in Bitcoin, which has now approached $80,000. It is expected that the monthly traffic of cryptocurrency exchanges may continue to rise this month, so the data for November across exchanges and protocols may be worth looking forward to.

Bullish Trend Expected to Continue

According to Cointelegraph, multiple indicators suggest that this bullish trend may continue and is just beginning. Factors influencing this include an $1.1 billion increase in open interest in Chicago Mercantile Exchange (CME) Bitcoin futures contracts, market expectations of interest rate cuts, and strong capital inflows into Bitcoin spot ETFs. On November 6, BlackRock's Bitcoin spot ETF IBIT set a new record for single-day trading volume at an impressive $4.1 billion. The recent stable coin inflows are also seen as a signal that the cryptocurrency market is expected to rise further, with a single-day inflow of $9.3 billion on November 7. This bullish trend has also driven a change in investor sentiment towards Ethereum, as the Ether price broke through the $3,000 mark, leading to a turnaround in capital inflows into Ethereum spot ETFs after months of lackluster performance.