Bitcoin spot trading volumes on centralized exchanges (CEXs) have surged to levels not seen since 2022, driven by sustained demand for ETFs investing in the leading cryptocurrency.
On February 28th, Bitcoin spot trading volumes on CEXs reached a 16-month high, totaling $34 billion in cumulative trades, according to data from Kaiko. Leading the charge was Binance, recording over $17 billion in Bitcoin trading volume, followed by Bybit at $3.5 billion and Coinbase at nearly $3 billion.
Despite preparing for increased traffic, Coinbase experienced technical difficulties amid a surge in interest in Bitcoin, according to CEO Brian Armstrong. Other exchanges such as OKX and Kraken also saw significant trading volumes, with almost $4 billion in Bitcoin spot trading as BTC surged over 10% to surpass $64,000 before retracing to around $62,000.
In addition to spot trading, traders poured capital into Bitcoin derivative products, with Laevitas data showing $182 billion in trading volume in the past 24 hours, accounting for 94% of the $358 billion traded across crypto derivatives.
Notably, total notional options open interest reached an all-time high of $26 billion on Deribit, underscoring substantial demand for digital asset derivatives.
Meanwhile, Bitcoin spot ETFs continued to attract daily net inflows, with BlackRock leading the way. Nine spot BTC ETFs recorded $673 million in total daily net inflows, with BlackRock setting a new historical high of $612 million for a single day, as reported by SoSoValue.
On the other hand, Grayscale saw $216 million in outflows, with its converted GBTC ETF witnessing daily exits. Despite this, investors have traded over $7 billion in spot Bitcoin ETFs in less than two months, reflecting continued interest and activity in the cryptocurrency market.
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