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[Sentora: Perpetual Contract Monthly Trading Volume Surpasses $1 Trillion for the First Time, On-Chain Derivatives Achieve Significant Breakthrough] On November 1, Sentora released a market report stating that the monthly trading volume of decentralized perpetual contracts has surpassed $1 trillion for the first time. According to DefiLlama data, the 30-day perpetual futures trading volume is approximately $1.3 trillion, with open interest reaching $17.9 billion, marking a structural leap for on-chain derivatives. The report noted that Bitcoin on-chain transaction fees have decreased by 8.6% to $2.03 million, indicating that the current Bitcoin rally is more driven by spot accumulation. Over the past seven days, there has been a net outflow of $2.06 billion from trading platforms, showing that investors are transferring Bitcoin to their own accounts for long-term holding, reducing spot supply. Additionally, following the Federal Reserve's policy shift in September, the market had anticipated a second rate cut within the year, but Powell's lack of commitment to continued easing in December came as a surprise.