Sentora: Monthly trading volume of perpetual contracts exceeds $1 trillion for the first time, and on-chain derivatives achieve a structural leap

On November 1st, Sentora released its weekly market report "Monthly trading volume of perpetual contracts breaks through $1 trillion, Federal Reserve cuts interest rates: What is the future direction of DeFi?". The report said: Bitcoin on-chain transaction fees fell slightly, falling 8.6% to $2.03 million. This shows that BTC's current rise is more driven by spot accumulation than a surge in trading demand. The net outflow of funds from the seven-day trading platform reached $2.06 billion, sending a strong bullish signal that there is a strong accumulation trend in the market. Investors are transferring bitcoin to their own accounts for long-term holding, thus reducing the spot supply. The volume of decentralized perpetual contracts broke through the monthly $1 trillion mark for the first time.
According to DefiLlama, the volume of 30-day perpetual futures is currently around $1.30 trillion (rolling data), and the volume of unpositioned squaring contracts is around $17.90 billion, a structural leap. On-chain derivatives are no longer a trivial matter, and on-chain traders now have enough depth of capital. Macroeconomic news now travels quickly through funds and unpositioned squaring contracts rather than spot trading. The second interest rate cut this year was widely expected after the policy shift in September. Historical experience shows that the greatest volatility in the cryptocurrency market tends to occur when policy is first adjusted, while the impact of subsequent interest rate cuts will gradually weaken or even have a negative impact. Powell's refusal to guarantee continued easing in December was unexpected.