Bitcoin Trading Volume on CEX Platforms Hits $34 Billion, Surpassing Levels Seen Since FTX Incident

Bitcoin Spot Trading Volume Soars on CEXes

The Bitcoin (BTC) spot trading volume on centralized exchanges (CEXes) has recently surged to its highest level, showcasing significant activity in the market.

Key Highlights:

• Bitcoin spot trading volume across major CEXes hit $34.05 billion on February 28.
• Binance led the way with $17.09 billion in trading volume.
• Bybit, Coinbase, OKX, and Kraken also recorded notable trading volumes.

Bitcoin’s Price Movement and Market Sentiment

Bitcoin’s spot trading volume surge comes as the leading cryptocurrency approaches the $64,000 mark, driven by optimism surrounding spot ETFs.

Market Analysis and Expert Insights

Experts note that the current rally in the crypto market signifies a new phase, with Bitcoin showing stable dynamics and attracting increased liquidity.

Future Outlook and Factors Influencing BTC Growth

Factors such as the upcoming BTC halving and the significant daily BTC ETF purchases compared to mining production are expected to further fuel Bitcoin’s growth.

Decline in Trading Volume on CEXes

Centralized exchanges have experienced a notable decrease in trading volume, with Korean exchanges emerging as strong players in the market.

Key Insights:

• In September, centralized exchanges saw a 20.3% decline in combined spot and derivatives trading volume.
• Korean exchanges have shown resilience and growth in trading volume, outpacing major platforms like Binance.
• Market share of Korean exchanges relative to Binance has significantly increased over the past year.