Bitcoin Spot Trading Volume on CEXes Reaches $34 Billion, Highest Level Since FTX Collapse
The Bitcoin (BTC) spot trading volume on centralized exchanges (CEXes) has reached the highest level of activity since the collapse of FTX.
According to data provided by Kaiko , Bitcoin spot trading volume across all major CEXes hit an impressive $34.05 billion on February 28.
Leading the charge, Binance accounted for $17.09 billion, solidifying its position as the dominant force in the crypto trading sphere.
Not far behind, Bybit made a notable entry with $3.5 billion, followed closely by Coinbase at $2.98 billion, OKX at $2.92 billion, and Kraken rounding off with $1.05 billion.
The notable increase in Bitcoin spot trading volume as the leading cryptocurrency continues to push higher amid the optimism surrounding spot ETFs.
On Wednesday, BTC shoot above $63,000 for the first time since November 2021, briefly touching $64,000 before turning lower.
The flagship cryptocurrency is just below its all-time high of $68,982.20, which was recorded in November 2021.
With the record in clear sight, the market has been even more motivated to see that level retested.
Bitcoin has soared nearly 20% this week alone, after a week-long pause of this year’s rally. It’s now up more than 40% for 2024.
“The current rally in the crypto market marks a qualitatively new chapter in the world of cryptocurrencies,” Sergei Gorev, risk manager from Web3 fintech platform YouHodler, said in a comment.
“We can observe that, if previously most cryptocurrencies were moving in the same direction, now the highest quality and stable dynamics are observed in BTC, where more liquidity is pouring in every day.”
Gorev added that money is currently moving from lower-quality altcoins into more established cryptocurrencies.
Furthermore, the
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