Daily trading volume on centralized cryptocurrency exchanges has risen to levels not seen since the last bull market.
Seven-day average of daily trading volume on centralized exchanges, according to The Block’s Data Dashboard March 6 on to $97.4 billion reached. This level is the last in November 2021 so the previous one bull It was seen during the market process.
While the majority of transactions take place on Binance, the world’s largest cryptocurrency exchange. UpBit, OKX And coinbase were the top ranked names.
At the peak of the bull market in 2021, transaction volumes on central exchanges reached their peak, reaching up to 165 billion dollars.
Although the current $97.4 billion level is starting to approach the highs of the previous bull, today spot Bitcoin exchange traded funds (ETFs) Strong buying and increasing adoption of Bitcoin are increasing expectations that volume on centralized exchanges may increase further and break the peak.
Money inflow for spot Bitcoin ETFs issued by giants such as BlackRock and Fidelity occurred in a short period of 2 months to 12 billion dollars endured.