Cryptocurrency trading volumes surged to a record high in November, with more than $10 trillion in digital assets traded across centralized spot and derivatives exchanges, data from market research firm CCData showed on Tuesday.

The combined trading volume doubled last month amid hopes for a more favorable regulatory environment under the newly elected Trump administration.

“This sentiment is evident in the increased appetite for assets like Ripple, which has historically faced heightened regulatory scrutiny,” said Jacob Joseph, senior research analyst at CCData. Institutional activity also climbed, with CME volumes rising 83% to $245 billion and strong inflows into spot Bitcoin ETFs.

Spot trading volume on centralized exchanges rose 128% to $3.43 trillion, the highest since May 2021, while derivatives volume hit a record $6.99 trillion, up 89% from October, the data showed.

South Korean exchanges, including Upbit, saw significant gains as traders shifted focus to altcoins. The data excluded decentralized finance platforms, indicating the dominance of centralized venues.

Traders are optimistic that regulatory clarity could sustain the rally, particularly if US policy shifts align with market expectations.

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