Bitcoin’s daily trade volume has surged to over $40 billion, reaching its highest level in three years, according to a recent research report by Kaiko. This milestone comes as Bitcoin continues its upward trajectory towards its all-time high.
Key Highlights:
- Bitcoin’s daily trade volume exceeds $40 billion, surpassing levels seen in the aftermath of the FTX collapse in November 2022.
- Net buying of nearly $1 billion for BTC since late February, with offshore platforms leading the way.
- ETH and BTC funding rates hit highest levels since approval of spot Bitcoin ETFs in early January.
βBuying exceeded selling on most exchanges and trading pairs, with offshore platforms leading the way.β – Kaiko
The surge in Bitcoin’s price movement has resulted in significant liquidations, with total crypto liquidations exceeding $567 million in the past 24 hours. Short positions accounted for $316.83 million of liquidations, while long positions contributed $250.92 million.
Despite market volatility, BlackRock, a Wall Street investment giant, remains bullish on Bitcoin. The firm recently filed a new application with the U.S. Securities and Exchange Commission to acquire more Bitcoin ETFs. BlackRock’s fund, listed under the ticker symbol IBIT, is currently the top-performing fund with a daily trading volume of $2.4 billion, representing about half of the total trading volume of spot Bitcoin ETFs.
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