Bitcoin‘s trading volume on centralized exchanges (CEXs) saw a significant spike in March, marking the highest recorded CEX volume since May 2021 — and the month isn’t over yet. Monitoring trading volume on CEXs offers invaluable insights into market sentiment, liquidity, and the overall health of the crypto market.
From September 2023 to Mar. 24, 2024, Bitcoin’s trading volume on CEXs saw an astronomical rise from $18.409 billion to $494.056 billion. This eightfold increase in volume over just seven months is particularly noteworthy, considering Bitcoin’s price escalated from a close of $34,667 in September to over $73,000 in mid-March 2024. Despite a substantial correction, with Bitcoin consolidating at $67,000 by Mar. 23, trading volume continued its upward trajectory, indicating robust market participation and liquidity.
The distribution of this trading volume across various exchanges reveals a surprising trend, especially considering the significant role the US plays in
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