Bitcoin

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) spot trading volume across centralized exchanges recorded its best day over the past year, with a combined daily volume of $46.26 billion on March 5, suggesting that more retail investors have started buying the world’s first cryptocurrency.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/d22f8612-8a46-4020-9692-28b7fa4d737d.png">
 <figcaption style="text-align: center;">Bitcoin trading volume across large CEXs. Source: <a href="https://dataplus.kaiko.com/asset/cexvolume/1?metric=btc&amp;viewType=2&amp;zoom=1Y&amp;selectedMetrics=binc%2Cbnus%2Cbtba%2Cbfnx%2Cbfly%2Cbthb%2Cbpnd%2Cbtso%2Cstmp%2Cbtrx%2Cbtrk%2Cbbsp%2Ceris%2Ccexi%2Ccbse%2Cccck%2Ccnex%2Ccone%2Cdrbt%2Cgmni%2Chuob%2Cindr%2Citbi%2Ckorb%2Ckrkn%2Ckcon%2Clmax%2Cmerc%2Cokcn%2Cokex%2Coslx%2Cpolo%2Cupbt" target="_blank" rel="noopener noreferrer nofollow">Kaiko</a>
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<h2 id="bitcoin-spot-trading-volume-reached-a-yearly-high">Bitcoin spot trading volume reached a yearly high</h2>
Following the yearly high, Bitcoin spot trading volume cooled to $31.32 billion on March 6, with Binance accounting for over 74%, or $18 billion, of the daily spot Bitcoin trading volume.
“People are buying Bitcoin. Spot trading volume has shot up almost 680% since the start of the year,” according to a March 6 X (formerly Twitter) post by Mallika Kollar, quantitative research associate at Bitwise.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/0f7702ce-a8cf-4d4b-bb3f-4a21659c1394.png">
 <figcaption style="text-align: center;">Daily BTC Spot Volume. Source: Mallika Kolar, <a href="https://twitter.com/mallikakolar/status/1765412278193508647/photo/1" target="_blank" rel="noopener noreferrer nofollow">X</a>
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The year-to-date record trading volume coincided with a new all-time high in daily inflows for the spot Bitcoin exchange-traded funds (ETFs). The ten U.S. spot Bitcoin <a href="https://cointelegraph.com/news/bitcoin-etfs-set-volume-record-btc-price-high" rel="noopener noreferrer nofollow">ETFs set a record $10 billion</a> in daily trading volume on March 5, beating last week's $7.7 billion record.
“These are bananas numbers for ETFs under [two months] old,” Bloomberg ETF analyst Eric Balchunas said in a March 5 X <a href="https://x.com/EricBalchunas/status/1765121689036427654" target="_blank" rel="noopener noreferrer nofollow">post</a> reporting the figures.
The soaring volumes across exchanges and ETFs propelled <a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k" rel="noopener noreferrer nofollow">Bitcoin price to a new all-time high</a> of above $69,200 on March 5. Bitcoin was up 1.09% in the 24 hours leading up to 1:30 pm (UTC) to change hands at $66,878, according to CoinMarketCap data.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/9dbbd834-588f-4e8b-a0bd-a2ebb33f2e1f.jpeg">
 <figcaption style="text-align: center;">BTC/USD, 7-day Chart, Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
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Retail interest appears to also be surging in South Korea, where <a href="https://cointelegraph.com/news/bitcoin-price-south-korea-72k-kimchi-premium-returns" rel="noopener noreferrer nofollow">Bitcoin went as high as $72,000</a>&nbsp;(based on the KRW/USD exchange rate) on March 5 on Upbit, the country’s biggest cryptocurrency exchange. This price difference is known as the <a href="https://cointelegraph.com/news/south-korea-s-kimchi-premium-is-back-is-the-bitcoin-rally-starting-to-heat-up" rel="noopener noreferrer nofollow">Kimchi Premium</a> or Korea Premium Index — and it has been in an uptrend along with BTC price since early February.
Related: <a href="https://cointelegraph.com/news/bitcoin-best-day-ever-100k-btc-price-programmed" rel="noopener noreferrer nofollow">Bitcoin just had its best day ever — Is $100K BTC price programmed? </a>
Since South Korea has no approved spot Bitcoin ETFs, retail spot buying is likely the main driver of the premium.&nbsp;
<h2 id="number-of-btc-addresses-worth-over-10-at-new-highs">Number of BTC addresses worth over $10 at new highs</h2>
The number of addresses with at least $10 worth of Bitcoin has reached a new all-time high of over 35 million on March 6, according to Coinglass data, suggesting increased retail investor participation.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/22b595ff-da92-4588-b2d3-cdbfb99b0e1b.png" alt="" title="">
 <figcaption style="text-align: center;">Bitcoin: Number of Addresses worth over $10, Source: <a href="https://studio.glassnode.com/metrics?a=BTC&amp;category=&amp;m=addresses.Min10Count" target="_blank" rel="noopener noreferrer nofollow">Glassnode</a>
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Mirroring the growing retail interest, online search trends for Bitcoin remain elevated. Bitcoin searches worldwide averaged 80 between March 3 and March 9, up over 31% from 61 a year ago when the price was around $20,000, according to Google Trends data.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/b0db030c-f041-4be1-b118-9c747c9c6514.png">
 <figcaption style="text-align: center;">Bitcoin Searches, 12-months Chart. Source: Google <a href="https://trends.google.com/trends/explore?date=now%207-d&amp;q=Bitcoin&amp;hl=en" target="_blank" rel="noopener noreferrer nofollow">Trends</a>.
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<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/51a48dd4-5321-4df4-a4b9-1b2eaa203915.png">
 <figcaption style="text-align: center;">Bitcoin Number of Transfers to Coinbase Exchange, Source: <a href="https://studio.glassnode.com/metrics?a=BTC&amp;category=Exchanges&amp;e=coinbase&amp;m=transactions.TransfersToExchangesCount" target="_blank" rel="noopener noreferrer nofollow">Glassnode</a>
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Additionally, the number of Bitcoin transfers to Coinbase, the largest U.S.-based exchange, is rising toward its 2022 highs, as shown in the chart above.
This suggests that investors may be positioning themselves for profit-taking at the current price levels. However, previous spikes have not only occurred during bull market tops as seen in 2016-17.&nbsp;
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin retail interest returns, pushing BTC spot trading volume to 12-month high

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