Major centralized exchanges experienced a substantial growth in their futures trading volumes at the end of March. According to data from WuBlockchain, Bitfinex and Deribit saw triple-digit percentage gains in futures trading volume compared to February, at 122.7% and 111.8%, respectively, with figures reaching over $3 billion and $27 billion. Meanwhile, Binance recorded a 47.7% increase in futures trading volume in March, surpassing $1.75 trillion. Bitget reported Q1 futures trading volume of $658 billion, reflecting a 20.6% increase in March compared to February. Bitget’s futures trading volume for the first quarter, at $685 billion, shows a 27% quarterly increase.
Spot Trading Volumes Increase in Gate.io, Bybit, and Bitget
Gate.io and Bybit led the expansion in spot trading volumes, with a growth of 116.5% and 112.5%, respectively, compared to February, reaching $42 billion and $25 billion in March. Binance’s spot trading volume grew by 2.6% and almost reached $600 billion. Bitget also recorded a 20.9% increase in spot trading volume compared to February, reaching almost $24 billion in March. As of the end of the first quarter, Bitget’s spot trading volume reached $59 billion, recording an 8% quarter-over-quarter growth.
The surge in futures and spot trading volumes can be attributed to the rising price of Bitcoin, which started to spike for the first time in months in March, surpassing the $28,000 price level. Altcoins also recorded higher price increases than BTC, leading to increased trading volumes.
In conclusion, the significant growth in futures and spot trading volumes in major centralized exchanges in March indicates a positive trend in the crypto market. As the market continues to evolve, it is expected that trading volumes will continue to rise, driven by increasing demand and the growing popularity of cryptocurrencies.