- Crypto exchange monthly spot volume doubled in March, reaching nearly $2.5 trillion for the first time since 2021.
- Binance dominated the market share by spot trading volume, registering $1.1 trillion in March alone, equivalent to a 45.5% market share.
- Bitcoin futures trading volume on crypto exchanges also surged to nearly $2.5 trillion in March, rising 86% from February.
Spot volume on centralized crypto exchanges more than doubled in March compared to February, reaching nearly $2.5 trillion for the first time since November 2021. This surge comes after trading volume gradually increased from September’s low.
Monthly Spot Volume Surges
Cumulative monthly spot volume on centralized crypto exchanges more than doubled in March to reach nearly $2.5 trillion. Monthly spot volume had been gradually increasing since bottoming out at around $324 billion in September 2022, tracking at just over $1 trillion in December and January and reaching $1.2 trillion in February.
Trading volume subsequently surged in March, hitting $2.48 trillion – the first time it has reached such levels since November 2021 according to The Block‘s data dashboard. However, it remains 40% lower than the all-time high monthly spot volume of $4.2 trillion recorded in May 2021.
Binance Dominates Market Share
Binance currently dominates by monthly spot volume, registering $1.1 trillion in March alone – equivalent to a 45.5% market share. Upbit was second for the month generating $221 billion (8.9%) and Bybit came third with $187 billion (7.5%). OKX and Coinbase rounded out the top five.
Bitcoin Futures Volume Also Hits $2.5 Trillion
Monthly bitcoin futures volume on crypto exchanges also reached nearly $2.5 trillion in March, rising 86% from $1.3 trillion in February to hit $2.45 trillion. March’s figure is the second-highest bitcoin futures trading volume in history, surpassed only by the $2.8 trillion generated in May 2021 according to The Block’s data dashboard.
Binance again leads the market by bitcoin futures volume, accounting for $983 billion or 40% of March’s numbers. Bitget and OKX came second and third for the month.
Conclusion
The surge in spot and derivatives trading volume on crypto exchanges in March indicates renewed interest in digital assets after a slump for most of 2022. While still below the peaks of 2021, the volumes represent a significant recovery. It will be interesting to see if the growth is sustained in the coming months.
