Sentora: Perptual Futures monthly volume surpasses $1 trillion for the first time, on-chain derivation achieves structural leap.

On November 1, Sentora released its weekly market report “Perptual Futures Monthly Trading Volume Exceeds $1 Trillion, Fed Cuts Rates: What Is the Future Direction of DeFi?” The report indicated that Bitcoin's on-chain trading fees have slightly decreased, falling by 8.6% to $2.03 million. This suggests that the current pump in BTC is more driven by Spot accumulation rather than a surge in trading demand. The net outflow of funds from trading platforms over the past seven days reached as high as $2.06 billion, sending a strong bullish signal that indicates a robust accumulation trend in the market, with investors moving Bitcoin to their own accounts for long-term holding, thereby reducing Spot supply. The trading volume of decentralized Perptual Futures has exceeded the $1 trillion mark for the first time on a monthly basis. According to DefiLlama data, the 30-day perpetual futures trading volume is currently around $1.3 trillion (rolling data), with an open interest of approximately $17.9 billion, achieving a structural leap. On-chain derivation is no longer a trivial matter, and on-chain traders now possess sufficient capital depth, with macroeconomic news quickly spreading through capital and open interest rather than Spot trading. The second rate cut of this year was widely anticipated by the market following the policy shift in September. Historical experience shows that the greatest fluctuations in the cryptocurrency market often occur at the first adjustment of policy, while the impact of subsequent rate cuts tends to weaken or even turn negative. Powell's refusal to guarantee continued easing policies in December was unexpected.