Sentora: Perpetual Contract Monthly Trading Volume Surpasses $1 Trillion for the First Time, On-chain Derivatives Achieve a Structural Leap

BlockBeats News, November 1st, Sentora released the weekly market report "Perpetual Contract Monthly Trading Volume Surpasses $1 Trillion, Fed Rate Cut: What Is the Future Direction of DeFi?," in which it stated:

Bitcoin's on-chain transaction fees saw a slight decline, dropping by 8.6% to $2.03 million. This indicates that the current BTC rally is more driven by spot accumulation rather than a surge in transaction demand. Seven-day net outflows from trading platforms reached as high as $20.6 billion, sending a strong bullish signal and indicating a strong accumulation trend in the market. Investors are transferring Bitcoin to their own accounts for long-term holding, thereby reducing spot supply.

The monthly trading volume of decentralized perpetual contracts has surpassed the $1 trillion mark for the first time. According to DefiLlama data, the 30-day perpetual futures trading volume is currently around $1.3 trillion (rolling data), with open interest of around $17.9 billion, marking a structural leap. On-chain derivatives are no longer a minor matter, and on-chain traders now have sufficient liquidity depth. Macroeconomic news is now rapidly disseminated through funds and open interest contracts rather than spot transactions.

The second rate cut of the year has been widely expected by the market since the policy shift in September. Historical experience shows that the biggest volatility in the cryptocurrency market often occurs when the policy is first adjusted, and the subsequent rate cuts tend to gradually weaken or even have a negative impact. Powell's refusal to guarantee continued loose policy in December was unexpected.