Bitcoin spot market anticipates consecutive monthly drops post six-month growth period

Fast Take

In response to knowledge from The Block, Bitcoin’s spot market quantity noticed a constant upward pattern from September 2023 to March 2024. The full spot market quantity throughout all exchanges in September 2023 was $324 billion. Every subsequent month noticed will increase, correlating with Bitcoin’s rising worth. By March 2024, the quantity had surged to $2.5 trillion, with Binance alone dealing with $1.13 trillion.

Crypto Month-to-month Alternate Quantity: 12 Months: (Supply: The Block)

Knowledge from The Block reveals that April 2024 marked the primary decline in spot quantity since September 2023. The full quantity dropped to $1.6 trillion, with Binance’s dropping to $700 billion. As of Might 2024, the spot market quantity is $1.11 trillion, with Binance contributing beneath $500 billion, although the month has not but concluded.

Wanting on the broader image, March 2024’s quantity matched that of November 2021, a interval that additionally represented a nominal peak for Bitcoin within the earlier cycle. Nonetheless, Might 2021 stays the record-holder for the very best month-to-month spot quantity, reaching $4.2 trillion.

Cryptocurrency Monthly Exchange Volume: (Source: The Block) — Crypto Month-to-month Alternate Quantity: (Supply: The Block)

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