The daily trading volume on central cryptocurrency exchanges has risen to levels unseen since the last bull market.
According to The Block’s Data Dashboard, the seven-day average of the daily trading volume on centralized exchanges reached $97.4 billion on March 6. This level was last seen in the previous bull market cycle in November 2021.
Most of the transactions occurred on the world’s largest cryptocurrency exchange Binance, with UpBit, OKX, and Coinbase being the top names.
During the peak points of the 2021 bull market, the trading volumes on centralized exchanges reached as high as $165 billion, hitting the peak.
Although the current $97.4 billion level is beginning to approach the peaks of the previous bull market, the strong inflows into spot Bitcoin exchange-traded funds (ETFs) and the increasing adoption of Bitcoin are raising expectations that the volume on centralized exchanges can grow even more and break the peak.
The inflow into spot Bitcoin ETFs issued by giants like BlackRock and Fidelity has reached $12 billion in just a 2-month period.
