Many metrics in the crypto market hit record highs in November, with total on-chain volume up 69.4 per cent

Dec. 2 (Bloomberg) -- Many metrics in the crypto market hit all-time highs in November, with adjusted total on-chain volume up 69.4% to $710 billion (BTC: +70%, ETH: +68.3%), according to a post by The Block's Director of Research @lars0x. Adjusted stablecoin on-chain volume increased by 30.7% to $1.17 trillion, and issuance supply increased by 12% to a new high of $167.2 billion, with USDT accounting for 79.9% of the total and USDC accounting for 17.4%.

BTC miners‘ revenues increased by 18.6% to $1.21 billion in November, while ETH pledgers’ revenues increased by 18.8% to $263 million.A total of 46,553 ETHs were destroyed in November, equivalent to $147 million. Since the implementation of EIP-1559 in early August 2021, a total of 4.48 million ETH has been destroyed, equivalent to $12.6 billion. Monthly NFT market volume on Ether increased by 61.5% to $196.3 million.

Legitimate CEX spot volume grew 123.6% to $1.88 trillion in November, with monthly net flows across all BTC spot ETFs at +$6.6 billion.On November 7, IBIT net inflows reached a record high of $1.12 billion. Bitcoin futures open interest increased by 42.2% and ethereum futures open interest increased by 72.7%, both at record highs.BTC monthly futures trading volume increased by 69.2% to $2.1 trillion.CME bitcoin futures open interest increased by 61.4% to a new high of $20.1 billion (average daily volume increased by 86.9% to $9.8 billion).ETH futures monthly trading volume increased by 92.8% to $940 billion. Bitcoin options open interest increased by 53.2% to a new high; Ether options open interest increased by 84.2%. (BTC monthly options volume increased 105.3% to $110.9 billion and ETH monthly options volume increased 115.5% to $21.9 billion).