Bitcoin CEX trading volume reaches its peak since 2022
Bitcoin spot trading volumes on centralized exchanges have reached their highest levels since the crash of FTX, with daily demand for ETFs investing in the cryptocurrency at an all-time high. According to Kaiko data, spot Bitcoin trading volumes reached a 16-month high on February 28, with a total of $34 billion worth of trades on centralized exchanges. Binance led the way in BTC trading, recording over $17 billion in trading volume, followed by Bybit with $3.5 billion, and Coinbase with nearly $3 billion. However, Coinbase experienced technical difficulties due to a surge in traffic, despite preparing for higher than usual volumes. OKX and Kraken also saw significant trading volumes, with almost $4 billion in Bitcoin spot trading as BTC surged over 10% to over $64,000 before retracting to around $62,000.
In addition to spot trading, traders have also been investing in crypto derivative products. BTC derivatives have seen a trading volume of $182 billion in the past 24 hours, accounting for 94% of the $358 billion traded across crypto derivatives. This includes futures, perpetual contracts, and options. The open interest for crypto options has reached an all-time high of $26 billion on the exchange Deribit, further indicating strong demand for digital asset derivatives.
Furthermore, spot BTC ETFs have continued to see net inflows, with BlackRock leading the way. Nine of these products recorded a total of $673 million in daily net inflows, with BlackRock setting a new historical high of $612 million for a single day. On the other hand, Grayscale saw $216 million in outflows as their converted GBTC ETF experienced daily exits. In less than two months, investors have traded over $7 billion in spot Bitcoin ETFs.
Overall, the surge in Bitcoin spot trading volumes, combined with the increasing demand for crypto derivatives and spot BTC ETFs, indicates a growing interest and adoption of cryptocurrencies in the market.
