Fast Take
Latest Glassnode’s knowledge captures intriguing shifts in Bitcoin’s spot quantity, monitoring the combination buying and selling quantity of Bitcoin towards USD-based currencies, each fiat and stablecoin, throughout varied exchanges. On March 5, there was a surge in spot quantity to $26 billion throughout all exchanges, a pinnacle not reached because the SVB collapse in March 2023.
In the course of the SVB collapse, Binance dominated the spot quantity, contributing $22 billion of the overall $27 billion, as reported by Glassnode. Now, spot quantity has once more reached the same stage, spurred by Bitcoin’s surge to a report $69,000 and its subsequent 15% drop. On this newest bout of volatility, the alternate panorama was extra distributed, with Binance, Coinbase, and Bybit recording spot volumes of $9 billion, $4 billion, and $4 billion, respectively.
The information depicts a stark lower in Binance’s market share over the 12 months, as its spot quantity shrank from $22 billion in the course of the SVB occasion to $9 billion within the following 12 months’s volatility peak.
The put up Excessive volatility drives spot Bitcoin quantity to $26 billion appeared first on CryptoSlate.