Data: The monthly trading volume of perpetual contracts has exceeded 1 trillion USD for the first time

Sentora released its weekly market report titled "Monthly Trading Volume of Perpetual Contracts Exceeds $1 Trillion, Federal Reserve Rate Cut: What is the Future Direction of DeFi?" The report states:

The on-chain transaction fees for Bitcoin have slightly decreased, falling by 8.6% to $2.03 million. This indicates that the current rise in BTC is more driven by spot accumulation rather than a surge in trading demand. The net outflow of funds from trading platforms over the past week reached $2.06 billion, sending a strong bullish signal and indicating a robust accumulation trend in the market, as investors are transferring Bitcoin to their own accounts for long-term holding, thereby reducing the spot supply.

The trading volume of decentralized perpetual contracts has surpassed the $1 trillion mark for the first time in a month. According to DefiLlama data, the 30-day perpetual futures trading volume is currently around $1.3 trillion (rolling data), with an open interest of approximately $17.9 billion, achieving a structural leap. On-chain derivatives are no longer trivial matters; on-chain traders now possess sufficient capital depth, and macroeconomic news is now rapidly disseminated through capital and open interest rather than spot trading.

The second rate cut of the year has been widely anticipated by the market following the policy shift in September. Historical experience shows that the greatest volatility in the cryptocurrency market often occurs during the first adjustment of policy, while the impact of subsequent rate cuts tends to diminish or even have negative effects. Powell's refusal to guarantee continued easing in December was unexpected.