Spot trading volume on cryptocurrency exchanges reached $2.5 trillion in March. This is the maximum since November 2021. A month earlier, in February, trading volume remained at $1.2 trillion, The Block writes. A record of $4.1 trillion was recorded in May 2021. Let us recall that trading volumes have been continuously growing since September 2023, after reaching a local minimum of $324 billion. By the end of last year, the figure reached $1 trillion, and in January 2024 – $1.1 trillion. The boom in trading on cryptocurrency exchanges coincided with the growth of Bitcoin. On March 12, the flagship cryptocurrency reached an all-time high of $73,798, which coincided with a record trading volume of shares of spot exchange-traded funds (ETFs) of $9.9 billion and a record daily net inflow of funds of $1.05 billion. However, against the backdrop of a decline in the price of Bitcoin to $66 thousand After peaking, average daily trading volume fell sharply to $57.4 billion as of April 2.
The largest cryptocurrency exchange, Binance, continues to dominate the spot trading market, accounting for 45.5% of the total volume. In March, trading volume on Binance reached $1.1 trillion. Following Binance is the South Korean exchange Upbit with $221 billion in trading volume (8.9% market share); Bybit, another major player, ranks third with $187 billion (7.5%). OKX and Coinbase round out the top five with $171 billion (6.5%) and $157 billion (6.3%), respectively.
According to The Block, total trading volume in Bitcoin futures contracts rose to $2.5 trillion in March. This is an 86% increase from $1.3 trillion in February. The absolute record was set in May 2021, when trading volume reached $2.8 trillion. Binance dominates the Bitcoin futures market with $983 billion in trading volume, representing 51% of the total Bitcoin futures market volume for March. The Bitget and OKX exchanges, ranked second and third respectively, showed significantly lower trading volumes – $519 billion and $410 billion.
Digital asset inflows into crypto investment products turned positive last week, with net inflows of $862 million compared to net outflows of $931 million the week prior. However, the popularity of spot Bitcoin exchange-traded funds appears to be waning. Daily trading volume of exchange-traded funds (ETFs) fell to $5.4 billion, down 36% from the peak of $9.5 billion recorded in the first week of March. Bitcoin (BTC) expectedly led digital asset flows with inflows of $863 million, fueled by demand for ETFs, with BTC spot ETFs recording inflows of $1.8 billion compared to $965 million of outflows from the Grayscale Bitcoin Trust (GBTC). The Grayscale ETF continues to see massive outflows nearly three months after the products were approved in the U.S. on Jan. 11. The constant outflow of funds from GBTC has put significant pressure on BTC prices over the past three weeks. Market experts predicted that over time, outflows from GBTC would slow and dry up, leading to unprecedented demand for the ETF. However, current investor trends indicate that the outflow of funds from GBTC is far from over, as GBTC continues to dominate ETF flows.
Selling pressure from the ETF is visible in the BTC price, as the world’s largest cryptocurrency has fallen $4,000 in the last 24 hours, trading just above $66,000 at the time of writing. Many market analysts called this a normal correction ahead of the Bitcoin halving scheduled for April 20. BTC’s price correction led to nearly $500 million in liquidations while the options market heated up due to strong put calls, indicating bearish sentiment among traders. Ethereum (ETH) has seen outflows for the fourth week in a row, with $19 million in outflows last week. Also last week, the altcoin market recorded net inflows of $18.3 million, with Solana (SOL) token leading the way with $6.1 million inflows. The US is the region with the largest capital outflows over the past week, at $897 million, while Europe and Canada combined saw outflows of $49 million.
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