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Bitcoin (BTC) Trading Volume Hits Multiple Milestones as Price Tops $63K

source-logo  thecryptobasic.com 29 February 2024 13:29, UTC

With the Bitcoin (BTC) price soaring to multi-year highs, trading volumes bordering spot and derivatives offerings have hit historic levels as well.

Data from Kaiko shows that as of February 28, the aggregated Bitcoin spot trading volume of centralized exchanges soared to $34.05 billion. This figure comes off as the highest level on record since Sam Bankman-Fried’s FTX Derivatives Exchange collapsed in November 2022.

There is a bullish sentiment surrounding the digital currency ecosystem, which emerges from the intense adoption of spot Bitcoin Exchange Traded Funds (ETF) by institutional investors. The ripple effect of this embrace might account for the boost in CEX trading volume.

Bitcoin Spot Volume By Exchanges

With many trading platforms operating in the crypto scene, the obvious fight to gain a good market share was visible in the Kaiko data. Binance, recognized as the biggest in terms of trading volume, took the lead as BTC volume on the exchange topped $17.09 billion.

Coinbase also had a positive showing, with BTC volume jumping from $1.8 billion on February 27 to $2.98 billion as of February 28. The major shift was also seen on Bybit as the volume soared from $1.97 billion to $3.5 billion.

According to Kaiko, on February 28, the BTC spot trading volume of CEX reached $34.05 billion, the highest level since the collapse of FTX, of which Binance reached $17.09 billion, Bybit reached $3.5 billion, Coinbase reached $2.98 billion, and OKX reached $2.92 billion, Kraken…

— Wu Blockchain (@WuBlockchain) February 29, 2024

This CEX boom complements the accumulation in the spot Bitcoin ETF market which as of mid-month had seen its net inflow surpass $4.69 billion. While Kraken and OKX also recorded $1.05 billion and $2.02 billion as of February 28, almost all known exchanges saw an uptick in their Bitcoin trading positions.

Derivatives Market Also Rode the Tide

With the price of Bitcoin recently soaring above the $60,000 mark and jumping as high as $63,913.13, robust activity in the derivatives market was triggered.

The data culled from Laevitas pegs the total volume for Derivatives encompassing Futures, Options, and Perpetual Contracts at $380 billion. Specifically, Bitcoin Derivatives volume jumped to $182 billion, and ETH derivatives trading volume exceeded $72 billion.

While it remains unclear whether this massive growth in trading volume can be sustained for much longer, Bitcoin’s investors and observers are keen on knowing what is next for the cryptocurrency.

For now, Bitcoin’s price and market cap are up 5.58% in 24 hours to $62,452.26 and $1,228,054,768,953 with a trading volume of $91,009,725,18 coming with a 90% uptick.