Cumulative traffic to major crypto exchanges rose by 8% in October, reflecting increased investor activity as the U.S. gears up for the 2024 elections. The election of pro-crypto leaders, including former President Donald Trump, has spurred renewed interest in digital assets, particularly among retail traders.
Key Exchanges Experience Traffic Growth
According to ICO Analytics, Pump Fun saw the most significant increase in web traffic, doubling its visits in October. BullX followed with a 78% rise, while Uniswap saw a 42% jump. The highest overall visits went to Binance, WhiteBit, and Coinbase, with 54 million, 33 million, and 30 million visits, respectively.
This uptick in traffic has supported the “Uptober” trend, where crypto markets historically perform well in October following quieter summer months.
Indicators of a Sustained Market Rally
The surge in exchange traffic aligns with a broader crypto rally, driven by several promising indicators:
- Bitcoin Futures Growth: Open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) rose by $1.1 billion, suggesting heightened market engagement.
- High ETF Volumes: BlackRock’s IBIT Bitcoin ETF saw record trading volumes of $4.1 billion on November 6, shortly after the election results.
- Stablecoin Inflows: Stablecoin inflows, a key market interest indicator, reached $9.3 billion on November 7 as Bitcoin prices climbed.
Bitcoin isn’t the only asset gaining traction—Ethereum recently broke the $3,000 mark, with Ethereum ETFs seeing positive inflows after months of lackluster performance.
With these factors in play, the crypto market appears well-positioned for sustained growth as the U.S. heads into an election year where crypto policies will remain a focal point.
