While Bitcoin has not yet reached its all-time high, its daily trading volume has already exceeded $40 billion, a record since the massive sell-off in May 2021.
The Revival of Bitcoin
The future of Bitcoin (BTC) is looking brighter. A recent report from Kaiko highlights the revival of this virtual currency: the daily exchange volume has reached a peak not seen in three years, steadily progressing towards the historical peak of this cryptocurrency.
The Time of Records
The published statistics confirm that the daily Bitcoin transaction volume exceeded $40 billion in early March, surpassing the previous record set following the FTX collapse in November 2022. According to Kaiko: “On most platforms and trading pairs, buying has exceeded selling.”
Interestingly, BTC has seen net purchases of nearly $1 billion since the end of February, while US exchanges experienced “significantly weaker buying activity.” Meanwhile, BTC and ETH funding rates have reached their highest levels since the approval of Bitcoin spot exchange-traded funds (ETFs) in early January, suggesting increasing demand for bullish leverage.
Effects of Increased Interest in Bitcoin
This growing interest in Bitcoin’s price has led to significant liquidations. Total crypto liquidations have exceeded $567 million in the past 24 hours. Short positions accounted for $316.83 million in liquidations, while long positions contributed $250.92 million.
BlackRock and Wall Street Giants’ Nonchalance
Meanwhile, despite market volatility, Wall Street investment giant BlackRock seems unfazed. It recently filed a new application with the US Securities and Exchange Commission to acquire more Bitcoin ETFs. BlackRock’s fund, listed under the ticker symbol IBIT, currently dominates the market as the top-performing fund, with a daily trading volume of $2.4 billion, representing about half of the total trading volume of Bitcoin spot ETFs.