Coinbase International Trading Volume Surge

Coinbase International saw a total trading volume of over $119 billion this past week, averaging nearly $20 billion per day.

The weekly total is 124% higher than the previous week’s total, while this past week’s daily average is 164% higher than the previous week’s daily average.

For further reference, Coinbase International averaged just $2.5 billion per day in trading volume throughout November. So far in December, the exchange has averaged nearly $10 billion a day in trading volume.

Top Trading Pairs

The top five trading pairs on Coinbase International, which includes perpetual futures for BTC, ETH, SOL, XRP, and DOGE, make up 99.8% of the exchange’s total volume this week. BTC-PERP comprised 57% of the total volume, followed by ETH-PERP with 34%.

The dominance of BTC and ETH trading pairs is not surprising as the exchange caters more towards non-U.S. institutions instead of individual retail participants.

Key Expansion Strategies

The rise of Coinbase International comes after several key expansion strategies the platform has conducted in recent months, including:

• Expansion into the European market, aligning with the European Union's Markets in Crypto-Assets (MiCA) regulation.
• Expansion into the Australian market, sponsoring the Melbourne Marathon.
• Doubling the platform’s maximum leverage from 10x to 20x.
• Launching spot markets in late 2023.

Conclusion

All in all, 2024 has been the biggest year so far for Coinbase International, and its trading volumes show it is starting to reap the benefits of the seeds it has sown earlier in its lifecycle.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.