Fast Take
Current Glassnode’s knowledge captures intriguing shifts in Bitcoin’s spot quantity, monitoring the mixture buying and selling quantity of Bitcoin towards USD-based currencies, each fiat and stablecoin, throughout numerous exchanges. On March 5, there was a surge in spot quantity to $26 billion throughout all exchanges, a pinnacle not reached for the reason that SVB collapse in March 2023.
In the course of the SVB collapse, Binance dominated the spot quantity, contributing $22 billion of the whole $27 billion, as reported by Glassnode. Now, spot quantity has once more reached the same degree, spurred by Bitcoin’s surge to a file $69,000 and its subsequent 15% drop. On this newest bout of volatility, the change 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.
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