The U.S. Securities and Exchange Commission’s (SEC) spot Bitcoin ETF approval has led to a massive surge in Coinbase’s OTC trading volume.
Powered by on-chain analysis platform CryptoQuant to data According to the spot Bitcoin exchange traded fund (ETF) approval, in parallel with the approval of the US cryptocurrency exchange Coinbase, OTC Bitcoin transaction volume A significant increase was observed.
According to data, Bitcoin OTC transaction volume on the exchange to $7.7 billion reached the second highest level in history. Coinbase has the highest Bitcoin OTC volume in May 2022 volume of 9.3 billion dollars had hosted.
OTC (Over-The-Counter) transactions, called over-the-counter, represent over-the-counter markets, and at this point, increasing volumes mean that the interest in the investment instrument in question is increasing.
In addition, the daily Bitcoin transaction volume on the exchange to 52 billion dollars by reaching It will reach its peak in March 2022 managed to break it.
According to CoinGecko data, in the last 24 hours 1.2% Bitcoin losing value at the time of writing from $45,765 is being traded.