Coinbase International achieved a record trading volume of over $119 billion in the past week, averaging nearly $20 billion daily. This marks a 124% increase from the previous week’s total and a 164% jump in daily averages compared to the prior period.
For context, the exchange averaged just $2.5 billion in daily trading volume throughout November. In December, the platform has so far maintained an average of $10 billion per day.
Perpetual futures for BTC, ETH, SOL, XRP, and DOGE dominated activity, accounting for 99.8% of the total volume this week. BTC-PERP led with 57% of the volume, followed by ETH-PERP at 34%. The exchange’s focus on non-U.S. institutional clients has contributed to the dominance of BTC and ETH pairs.
Coinbase International’s rise follows several strategic expansions, including compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulation, entry into the Australian market through sponsorships like the Melbourne Marathon, doubling maximum leverage from 10x to 20x, and launching spot markets in late 2023.
The platform’s growth in 2024 highlights the success of these initiatives, underscoring its rise as a significant force in global cryptocurrency trading.