Crypto Trading Volumes Reach $4 Trillion – Trustnodes

An incredible $3.81 trillion exchanged hands in the crypto market during March, and still that’s the highest only since September.

$1.04 trillion exchanged hands in spot trading volumes, rising 10.8% for the third consecutive month according to CCData, formerly CryptoCompare.

$2.77 trillion was exchanged in derivatives, an increase of 32.6%. Derivatives have now reached a new all time high in market share, 72.7% compared to 69% in February.

Binance dominates the crypto derivatives market, accounting for $1.77 trillion, an increase of 33.9% from February.

OKX comes a distant second at $427 billion, though it has seen a higher increase of 38.4% since February.

Even further down is Wall Street’s CME at about $47 billion in trading volumes. $36 billion in bitcoin futures, an increase of 40%, and $11 billion in eth futures. That makes it the highest trading volumes at CME since May 2022.

The crypto market is now one of the most liquid in the world, with these trading volumes being about 4x the market cap of all cryptos.

Just how real these volumes are is however open to some debate, but CCData says they have “applied more filters to ensure all volumes reported are as truly representative of the market ecosystem as possible.”

The banking collapses last month, which had the effect of both briefly de-pegging USDc and DAI while increasing bitcoin’s price, is one stated reason for the significant rise in volumes. As is the discontinuation of bUSD in February following a Wells Notice by SEC to Paxos.

These volumes have been rising for all of Q1 however, and that is probably mainly because crypto prices have been rising.