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

On November 1st, Sentora released its weekly market report titled "Perpetual Contract Monthly Trading Volume Surpasses $1 Trillion, Fed Rate Cut: What Is the Future Direction of DeFi?", stating as follows: The on-chain transaction fees of Bitcoin witnessed a slight decrease, falling by 8.6% to $2.03 million. This suggests that the current BTC rally is mainly driven by spot accumulation rather than a surge in transaction demand. The seven-day net outflows from trading platforms reached a high of $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 the spot supply. The monthly trading volume of decentralized perpetual contracts has exceeded 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 an open interest of around $17.9 billion, marking a structural leap. On-chain derivatives are no longer a minor issue, 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. Since the policy shift in September, the market has widely expected the second rate cut of the year. Historical experience shows that the greatest 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. It was unexpected that Powell refused to guarantee the continuation of loose policy in December.