The average daily total trading volume of cryptocurrency investment products soared 127% in November, reaching $139 million, the highest level since June 2022. After the collapse of FTX, the trading volume rose, leading to a surge in volatility in this field.

According to CryptoCompare's latest digital asset management review report, the surge in trading volume last month helped break the downward trend of trading volume since May this year. The company said that the increase in trading volume may be due to the collapse of FTX, which led to a significant increase in trading activities.

CryptoCompare's report also details that since February last year, with the decline of market stability, the whole cryptocurrency market has been paying attention to the expansion of gray bitcoin trust (GBTC) discounts.

The discount represents the difference between the net asset value of the product (or the BTC value held by the fund) and its price. After the collapse of FTX, the discount rate of GBTC rose by 12%, and then rose further, reaching a record high of 45.1%.

According to CryptoGlobe, CryptoCompare's in-depth study of the bankruptcy of FTX showed that FTX flowed 19947 BTC on November 7, worth more than 340 million dollars, the largest number since September 10 last year, when the exchange recorded more than 45000 BTC outflows.

In addition, on November 7, FTX recorded "the largest number of withdrawal transactions in its history", which indicates that users are "worried about the current situation" and may allocate their assets to other exchanges.

Jeremy Allaire, the co-founder of Circle, compared the liquidity crisis of FTX to the collapse of Lehman Brothers in 2008. Several cryptocurrency exchanges, including Bitcoin Base and Beihai Giant Demon, have kept a distance from FTX and clarified that they did not contact the exchange because their confidence in the centralized trading platform was significantly affected.

It is worth noting that FTX reached a valuation of $32 billion at the beginning of this year, supported by blue chip investors, including BlackRock, Ontario Teachers Pension Plan and Softbank.