In the unpredictable realm of cryptocurrency, spot Bitcoin (BTC) transaction volume has seen a marked upsurge, particularly after the FTX exchange debacle. Research from Kaiko reveals that centralized cryptocurrency exchanges (CEX) are experiencing heightened activity, with an aggregate spot trading volume reaching $34.05 billion. Binance, a leading crypto exchange, has contributed notably to this volume with transactions totaling $17.09 billion. Additionally, other exchanges such as Bybit, Coinbase, and OKX have reported substantial trading volumes, underscoring the active trading landscape in the cryptocurrency market.
Binance Dominates Spot Market
Further statistics show Bybit’s spot trading volume at $3.5 billion, Coinbase at $2.98 billion, OKX at $2.92 billion, and Kraken at $1.05 billion. The concentrated trading activity on these platforms indicates a bullish phase in the crypto sector, attracting both institutional and retail investors looking to navigate the market’s volatility.
Derivative Trading Witnesses a Surge
The surge in trading is not only restricted to spot markets. Derivative trading volumes across CEX platforms have also skyrocketed, with a combined volume exceeding $380 billion, marking the highest point since November 2021. This encompasses perpetual contracts, futures, and options, signaling an increasing appetite for complex and high-risk investments in the crypto space.
The last 24 hours alone have seen BTC derivative trading volumes climb over $182 billion, while Ethereum (ETH) derivatives have also seen significant activity with volumes over $72 billion. These developments reflect the dynamic and evolving nature of the cryptocurrency market, with heightened interest from both institutional and individual investors likely to propel exchange trading volumes to new heights.