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Bitcoin trade volume hits highest level since 2021, Kaiko says
Even though Bitcoin has not yet reached its all-time high, its daily trade volume has already exceeded $40 billion, the highest level since the May 2021 sell-off.
The daily trading volume of Bitcoin (BTC) has reached its highest level last seen in three years ago as BTC is continuously climbing to its all-time high, Kaiko revealed in a recent research report. According to the published data, Bitcoin’s daily trade volume exceeded $40 billion in early March, surpassing its previous peak hit in the aftermath of the FTX collapse in November 2022.
Analysts at Kaiko reveal that BTC saw net buying of nearly $1 billion since late February, while U.S. exchanges saw “significantly less buying activity.” Meanwhile, both BTC and ETH funding rates hit their highest levels since the approval of spot Bitcoin exchange-traded funds (ETFs) in early January suggesting rising demand for bullish leverage, the Paris-headquartered analytical firm added.
Bitcoin trade volume in USD | Source: KaikoThe heightened interest in Bitcoin’s price movement has led to significant liquidations, with total crypto liquidations surpassing $567 million in the past 24 hours. Short positions accounted for $316.83 million of liquidations, while long positions contributed $250.92 million.
Meanwhile, Wall Street investment giant BlackRock appears undeterred by the market volatility, as it recently filed a new application with the U.S. Securities and Exchange Commission to acquire even more Bitcoin ETFs. BlackRock’s fund, listed under the ticker symbol IBIT, currently dominates the market as the top-performing fund, with daily trading volume totaling $2.4 billion, representing approximately half of the total trading volume of spot Bitcoin ETFs.