Coinbase International’s Trading Volume Increases 124% During the Week

Key Points:

• Coinbase International recorded over $119 billion in trading volume this past week, a 124% weekly increase.
• The exchange’s growth is attributed to its European and Australian market entries, increased leverage options, and the launch of spot markets.

According to The Block, Coinbase International reported a trading volume surpassing $119 billion, or nearly $20 billion in daily averages. Up 124% compared to the total of the prior week and up 164% in terms of the daily average from the prior period, the number is a surefire way to get on everyone’s radar.

Read more: BiT Global Digital Sues Coinbase For Delisting wBTC Causing $1 Billion In Damages 

Record Highs for Coinbase International’s Trading Volume

By contrast, the exchange averaged $2.5 billion in daily trading volume for the entirety of November. December has been much hotter, with daily volumes now averaging roughly $10 billion.

The exchange’s top five trading pairs—BTC, ETH, SOL, XRP, and DOGE perpetual futures—dominated activity with 99.8% of the total weekly volume.

BTC-PERP accounted for 57% of the volume, followed by ETH-PERP at 34%. It indicates the institutional client-focused strategy of the exchange for now, primarily outside of the U.S., over retail traders.

Institutional Focus Powers 2024 Success

The recent expansion of the platform comes upon a few strategic initiatives that might further strengthen its positioning globally. Coinbase International added Europe to its map, aligning with the regulations of the EU’s Markets in Crypto Assets, and ventured into Australia, where it sponsored the Melbourne Marathon.

The exchange also doubled its maximum leverage from 10x to 20x and launched the spot markets in late 2023.