2024

Bitcoin

when

BlackRock

<p class="is-style-lead">Bitcoin spot trading volumes on centralized exchanges returned to peaks last seen when FTX crashed amid daily sustained demand for ETFs investing in crypto’s top currency.</p> 
<p>Trading volumes for spot Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) skyrocketed to a 16-month high on Feb. 28, with $34 billion worth of cumulative trades on CEXs, according to <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%2Ckrkn%2Ckcon%2Cokcn%2Cokex" target="_blank" rel="noreferrer noopener">Kaiko</a> data. Binance was at the forefront of BTC trading on the day and recorded over $17 billion in Bitcoin trading volume.&nbsp;</p> 
<p>Bybit trailed behind at $3.5 billion, while Coinbase reached nearly $3 billion as the platform <a href="https://crypto.news/coinbase-crash-bitcoin-zeroes/" target="_blank" rel="noreferrer noopener">experienced</a> a traffic surge and technical difficulties. Coinbase CEO <a href="https://x.com/brian_armstrong/status/1762933446194901140?s=20" target="_blank" rel="noreferrer noopener">Brian Armstrong</a> said the crypto exchange prepared for 10 times its usual traffic. However, this was insufficient to handle a wave of interest in the top cryptocurrency by market cap.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/brian_armstrong/status/1762933446194901140?s=20 
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<p>OKX and Kraken saw almost $4 billion in Bitcoin spot trading as BTC surged over 10% beyond $64,000 before retracing to around $62,000 at press time.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-coinbase-crypto-stocks-2024/"> Bitcoin surge boosts Coinbase, crypto stocks reversing early 2024 losses </a> </p> 
<h2 class="wp-block-heading" id="bitcoin-derivatives-near-200-billion-in-trading">Bitcoin derivatives near $200 billion in trading</h2> 
<p>Per Laevitas data,&nbsp; traders also poured capital into crypto derivative products. BTC derivatives enjoyed $182 billion in trading volume in the past 24 hours. This accounted for 94% of the $358 billion traded across crypto derivatives, including futures, perpetual contracts, and options.&nbsp;</p> 
<p>Meanwhile, total notional options open interest hit an all-time high of $26 billion on the crypto exchange Deribit, further confirming massive demand for digital asset derivatives.&nbsp;</p> 
<figure class="wp-block-image size-full is-resized">
 <img loading="lazy" decoding="async" width="830" height="513" src="https://crypto.news/app/uploads/2024/02/GHgk-BHWYAA3_uV.jpg" alt="Bitcoin CEX trading volume hits highest level since 2022 - 15" class="wp-image-14253897" style="width: 100%;height:auto">
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  Crypto options open interest | Source: Deribit
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</figure> 
<h2 class="wp-block-heading" id="spot-btc-etfs-continue-daily-net-inflows">Spot BTC ETFs continue daily net inflows</h2> 
<p>Spot BTC ETFs logged another day of net inflows, with BlackRock leading the charge. Of these products, nine recorded $673 million in total daily net inflows, and BlackRock set a new historical high of $612 million for a single day, SoSoValue reported.</p> 
<p>Grayscale saw $216 million in outflows as the firm’s converted GBTC ETF continued to see millions in daily exits. Investors have traded over $7 billion in spot Bitcoin ETFs in less than two months.&nbsp;</p> 
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 <img loading="lazy" decoding="async" width="1024" height="402" src="https://crypto.news/app/uploads/2024/02/Screenshot-289-1024x402.png" alt="Bitcoin" class="wp-image-14253898">
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  spot BTC ETF daily flows | Source: SoSoValue
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<p> Read more: <a href="https://crypto.news/bitcoin-etf-approvals-spark-mass-btc-adoption-experts-say/"> Bitcoin ETF approvals spark mass BTC adoption, experts say </a> </p>

Bitcoin CEX trading volume hits highest level since 2022

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