The Rise of Crypto Exchange Volume
In December 2023, the monthly spot trading volume on crypto exchanges exceeded $1 trillion, surpassing this significant level for the first time in over a year. The total exchange volume for the month reached $1.1 trillion, according to data from The Block. The last time the monthly spot trading volume surpassed $1 trillion was in September 2022 with a total volume of $1.03 trillion. The latest figures not only represent a notable resurgence but also set a new monthly record since May 2022 when trading volume peaked at $1.35 trillion.
Market Share of Crypto Exchanges
Binance, the largest spot crypto exchange by trading volume, contributed 39.3% of the December’s total volume, equivalent to $432.7 billion. South Korea-based crypto exchange Upbit secured the second position with an 8.3% share, amounting to $91.8 billion, followed closely by OKX at 8%, totaling $87.5 billion. While Binance has seen its market share drop due to regulatory scrutiny, Upbit and OKX have both experienced an increase in their market share.
Spot Bitcoin ETF Anticipation
The surge in trading activity coincides with heightened anticipation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC), potentially as early as January 10.
Hot Take: Record Crypto Exchange Volume Driven by Spot Bitcoin ETF Anticipation
The monthly spot trading volume on crypto exchanges has surpassed $1 trillion for the first time in over a year, reaching $1.1 trillion in December 2023. This surge in trading activity can be attributed to the anticipation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). As the crypto market continues to evolve, it is clear that investor interest and trading volume are on the rise. With the potential approval of a Bitcoin ETF, we may see even greater growth and adoption of cryptocurrencies in the near future.
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