2024

United

Bitcoin ETF

Bitcoin

Cumulative monthly traffic to 20 leading crypto exchanges increased by 8% in October, reflecting heightened investor interest and increasing participation among retail traders heading into the 2024 United States elections.
According to data from ICO Analytics, Pump Fun recorded the highest month-over-month increase in percentage terms — with 100% growth in October. BullX followed behind with a 78% growth in web traffic from September to October, and Uniswap came in third place with a 42% increase.
Binance, WhiteBit, and Coinbase dominated monthly traffic in terms of total visits in October, at 54 million, 33 million, and 30 million, respectively.
The increased traffic drove a rally in the crypto markets consistent with the “uptober” narrative, or the expectation that digital asset markets typically surge in October after trading sideways during the Summer months.
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 <img alt="Cryptocurrency Exchange, rally, Decentralized Exchange" src="https://s3.cointelegraph.com/uploads/2024-11/01931218-8234-7b1f-b639-069a821df506" title="">
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 Web traffic to crypto exchanges in October. Source: <a data-ct-non-breakable="null" href="https://t.me/ico_analytic/5393" rel="nofollow noopener" target="_blank" text="null" title="https://t.me/ico_analytic/5393">ICO Analytics</a>
 </figcaption>
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Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-uptober-gains-crypto-traders-speculate-otc-desk-supply-squeeze" rel="null" target="null" text="null" title="null">'Uptober' sees 11% Bitcoin price spike as traders ponder ‘nuclear’ rally</a>
<h2 id="evidence-of-a-sustained-rally">Evidence of a sustained rally</h2>
While crypto exchanges experienced a boost in web traffic during the lead-up to the 2024 United States elections, the outcome of the races on Nov. 6 ignited a rally that sent the price of Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-metrics-align-to-project-further-upside-for-btc" rel="null" target="null" text="null" title="null">new all-time highs</a>.
Several indicators suggest the current rally could be sustained and is <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-all-time-high-at-76-8-k-is-just-the-beginning-according-to-data" rel="null" target="null" text="null" title="null">only just beginning</a>. The factors include an additional $1.1 billion in open interest on Bitcoin futures contracts on the Chicago Mercantile Exchange, the expectation of lower interest rates, and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrock-clocks-1-billion-bitcoin-etf-inflows-btc-price-new-highs" rel="null" target="null" text="null" title="null">strong inflows into Bitcoin ETFs</a>.
On Nov. 6, BlackRock's IBIT Bitcoin ETF experienced its <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrock-bitcoin-etf-sees-biggest-volume-day-ever-4-1-billion-traded" rel="null" target="null" text="null" title="null">highest volume day on record</a> — with 4.1 billion in trading volume — following the victory of the pro-crypto Republican candidate, former President Donald Trump.
Recent Stablecoin exchange inflows — which investors use as a proxy to gauge market interest — are another signal that traders expect further price appreciation. On Nov. 7, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/9-3-b-stablecoin-exchange-inflows-traders-higher-bitcoin-prices" rel="null" target="null" text="null" title="null">stablecoin exchange inflows hit $9.3 billion</a> as the price of Bitcoin continued to rise.
The recent rally also saw a change in investor sentiment toward Ethereum, as the price of Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>) <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ether-3-2k-breakout-eth-etf-inflows-positive-post-election" rel="null" target="null" text="null" title="null">broke above the $3,000 level</a>, and inflows into Ethereum ETFs turned positive, following months of disappointing price action.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-price-all-time-highs-donald-trump-election-sec-gary-gensler-felix-hartmann-hall-of-flame/" rel="null" target="null" text="null" title="null">Bitcoin will ‘start ripping’ as Trump’s polls improve: Felix Hartmann, X Hall of Flame</a>

Cumulative traffic to exchanges increased by 8% in October — report

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Cointelegraph

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