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Derivatives trading products saw rapid growth, suggesting that professional traders were actively seeking exposure to cryptocurrencies.
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Coinbase Advanced, the cryptocurrency exchange’s platform for professional traders, saw a surge in users and trading volumes in 2024, according to a report by Investing.com.
The platform clocked a 191% increase in trading volumes — driven by especially strong growth in derivatives trading — and a 77% increase in users, the Dec. 19 report said.
Targeting experienced traders, Coinbase Advanced charges users a flat monthly fee in exchange for discounted trading costs, a wider range of order types, and analytics tools.
Coinbase did not immediately respond to a request for comment from Cointelegraph.
Source: Coinbase
Related: Coinbase stock breaks $300 for first time since 2021
Surging derivatives volumes
Derivatives products experienced especially rapid growth, with volumes soaring roughly 10,950% in 2024, Coinbase reportedly told Investing.com.
In 2022, Coinbase launched its derivatives platform in the United States, bringing cryptocurrency futures — including retail-friendly nano Bitcoin and nano Ether contracts — to the exchange’s tens of millions of US users.
Coinbase lists more than half a dozen futures contracts, including contracts tied to memecoins — such as Dogecoin (DOGE) and Shiba Inu (SHIB) — and commodities such as oil and gold.
The overall market for cryptocurrency derivatives has soared in 2024. According to a report by CCData, crypto derivatives’ monthly trading volume has more than doubled year-over-year, exceeding $3 trillion in September.
Futures contracts are agreements to buy or sell an underlying asset at a future date. They play a critical role in hedging and are popular for speculation because they allow traders to double down on directional bets with leverage.
Source: Google Finance
New token listings
Meanwhile, spot crypto trading activity on Coinbase Advanced reportedly grew by 47%, propelled by bullish sentiment after President-elect Donald Trump’s US election win and new token listings.
Under crypto-friendly Trump, Coinbase expects “to do more with […] some of those tokens that we weren’t able to offer [previously],” Tom Duff Gordon, Coinbase’s vice president of international policy, told Bloomberg in November.
“We’re talking more about some of the smaller tokens, some of the memecoin tokens,” Gordon said.
In December, Coinbase listed memecoins Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF), among others.
Shares of cryptocurrency exchange Coinbase surged in November, pushing the stock past $300 for the first time since 2021.
The stock has since retraced modestly to around $280 as of Dec. 18, according to data from Google Finance.
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This article first appeared at Cointelegraph.com News
