Kaiko affirms Bitcoin trade volume reaches its highest level since 2021
Bitcoin’s daily trade volume has exceeded $40 billion, reaching its highest level since the May 2021 sell-off, according to a recent research report by Kaiko. The data reveals that Bitcoin’s daily trade volume surpassed $40 billion in early March, surpassing its previous peak after the FTX collapse in November 2022.
Kaiko analysts also note that BTC has seen net buying of nearly $1 billion since late February, with U.S. exchanges witnessing significantly less buying activity. Additionally, both BTC and ETH funding rates have reached their highest levels since the approval of spot Bitcoin ETFs in early January, indicating growing demand for bullish leverage.
The increased interest in Bitcoin’s price movement has resulted in significant liquidations, with total crypto liquidations exceeding $567 million in the past 24 hours. Short positions accounted for $316.83 million of the liquidations, while long positions contributed $250.92 million.
Despite the market volatility, investment giant BlackRock remains undeterred and has filed a new application with the U.S. Securities and Exchange Commission to acquire more Bitcoin ETFs. BlackRock’s fund, listed under the ticker symbol IBIT, currently dominates the market as the top-performing fund, with a daily trading volume of $2.4 billion, representing approximately half of the total trading volume of spot Bitcoin ETFs.
