Record $1.1 Trillion in Crypto Exchange Volume Driven by Spot Bitcoin ETF Anticipation

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Trading platform illustrationTrading platform illustration
Supply: Adobe

The month-to-month spot buying and selling quantity on crypto exchanges exceeded $1 trillion in December 2023, marking the primary time this important quantity degree has been surpassed in over a 12 months.

In response to information from compiled by The Block, the whole trade quantity for the month reached a whopping $1.1 trillion.

The final occasion of month-to-month spot buying and selling quantity surpassing the $1 trillion mark occurred in September 2022, with a complete quantity of $1.03 trillion, the info confirmed.

The newest figures for December 2023 not solely signify a notable resurgence but in addition set a brand new month-to-month document since Could 2022 when buying and selling quantity peaked at $1.35 trillion.

As normal, the crypto trade chargeable for essentially the most buying and selling quantity was Binance, contributing 39.3% of the December’s whole quantity.

In US greenback phrases, Binance’s share of the amount equaled $432.7 billion.

South Korea-based crypto trade Upbit secured the second place with an 8.3% share, amounting to $91.8 billion, adopted intently by OKX at 8%, totaling $87.5 billion.

Binance has lengthy dominated the rankings as the most important spot crypto trade by buying and selling quantity, however has seen its market share drop as regulatory scrutiny of the exchange has intensified.

On the similar time, Upbit and OKX have both seen their market share increase.

Market share of crypto exchanges
Supply: CoinGecko

The surge in buying and selling exercise coincides with heightened anticipation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Alternate Fee (SEC), potentially as early as January 10.

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