In March, the cumulative monthly spot volume on centralized crypto exchanges soared, more than doubling to nearly $2.5 trillion. This surge marked a significant uptick from September 2023 when it hit around $324 billion. December and January saw it hovering just over $1 trillion, with February recording $1.2 trillion.
March witnessed an unprecedented spike in trading volume, reaching $2.48 trillion, the highest since November 2021, albeit still 40% lower than the all-time high of $4.2 trillion in May 2021.
The surge in March coincided with a notable increase in daily spot volume. On March 10, the seven-day moving average peaked at $100 billion as Bitcoin surpassed its previous cycle peak and spot Bitcoin ETFs attained record daily trading volumes of $9.9 billion, with a net daily inflow of $1.05 billion. However, the average daily trading volume dropped sharply to $57.4 billion thereafter.
Binance dominated the market share by spot trading volume in March, accounting for $1.1 trillion, equivalent to a 45.5% market share. Upbit followed with $221 billion (8.9%), and Bybit came in third with $187 billion (7.5%). OKX and Coinbase rounded out the top five with $171 billion (6.5%) and $157 billion (6.3%), respectively.
Bitcoin futures trading volume also surged, reaching nearly $2.5 trillion in March, an 86% increase from February’s $1.3 trillion. This figure is the second-highest in history, trailing only May 2021’s $2.8 trillion. Binance led the market in bitcoin futures volume, accounting for $983 billion (40% of March’s volume). Bitget and OKX followed, generating $519 billion and $410 billion, respectively.
Bitcoin’s current trading price stands at $66,112, up 2% over the past month but down 6% over the last week. Meanwhile, the GMCI 30 index, representing the top 30 cryptocurrencies, gained over 15% in the past month but fell 6% over the last seven days to 144.66.
