🔥 Crypto Trading Volume Surges to New Local Highs
posted 8 Mar 2024
Seems Uncle Sam Has Finally Warmed Up to Crypto!
The 7-day moving average for daily crypto trade volume has hit $97.4 billion. This figure significantly exceeds the metrics seen in the summer of 2023 and closely matches the average trading volumes of 2021. The analysis covers a comprehensive range of popular trading platforms across the globe.
Daily trading volume on centralized exchanges by 7DMA. Source: official website of The Block.
This growth is likely attributed to the launch of the U.S. spot Bitcoin ETFs and the influx of new institutional investors into the crypto market. However, the monthly trading volume has been on an upward trend since October 2023, reaching $516 billion, and by December, just a few weeks before the ETF launch, it soared past $1.1 trillion, suggesting that this wasn't the only driving factor.
This surge is underscored by the growth in monthly on-chain Bitcoin transaction volumes, which set their own local records during the same period. Even with the decrease in the Grayscale Bitcoin Trust (GBTC) metrics, spot Bitcoin ETFs have continued their robust acquisition of Bitcoin, amassing over 791,000 BTC ($53 billion).
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