eToro Sees 300% Increase In Bitcoin Positions In November

eToro, a company that lets people trade both CFDs and real cryptocurrencies, has revealed that the value of new Bitcoin positions went up by more than 300%. This increase occurred in the first two weeks of November compared to October.

The number of crypto CFDs on Pepperstone also increased more than three times after the US elections. Axi shared that its numbers also doubled.

eToro Sees Significant Growth In Bitcoin Trading After Election

For both Pepperstone and Axi, the rise in crypto trading came after Donald Trump won the US election. His victory made the demand for crypto trading even higher.

Pepperstone explained that its clients were already trading more before the election. Axi, on the other hand, saw a huge rise in trading volumes before the US election.

Axi went from an average of $448 million a day to more than $892.6 million, which is almost double. After November 10, trading volumes went up even more by 92% and stayed high.

Notable, eToro’s numbers include both CFDs and real cryptocurrency, but Pepperstone and Axi only showed their CFD numbers.

The number of open positions on these platforms also went up a lot. Axi’s crypto CFD positions went up by 13 times compared to before the election. eToro, which only shared Bitcoin data, saw open positions go up by over 170%.

eToro’s crypto expert, Simon Peters, said that the data shows more people were buying Bitcoin, and they were buying a lot more than before. He also said that the number of people closing their positions went up by 100%, as people took their profits.

Axi And Pepperstone See More Bitcoin Trading Amid Volatility

Louis Cooper, the Chief Commercial Officer at Axi, said that the rise in crypto positions shows that more investors are looking to spread their investments. They want to stay safe from the risks of traditional investments.

Bitcoin was not the only cryptocurrency with big changes. Other coins like Dogecoin and Cardano were also very volatile. Chris Weston, Head of Research at Pepperstone, said that while some people showed interest in these coins, most clients were still focused on Bitcoin.

He explained that clients usually like markets with a lot of movement. Even though Dogecoin and other coins went up a lot, many clients preferred Bitcoin because it had more movement, was easier to trade, and cost less.

Pepperstone also saw that many of its traders focused on buying Bitcoin and waiting for its price to go up. Weston added that traders also started to short Bitcoin when its price went over $90,000, believing the price might go down.

Axi also saw that many of its clients were buying and holding Bitcoin, just like in the past. Cooper noted that more clients were trading both ways, buying and selling, which showed a change in how traders were managing their positions.