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The combined volume of crypto spot and derivatives trading on centralised exchanges almost doubled to an all-time high of US$9,1 trillion in March while Bitcoin reached a record, according to a CCData.

Spot trading outpaced the gains seen in derivatives, with volume rising 108 percent to US$2,94 trillion, the highest monthly figure since May 2021, CCData’s March Exchange review report said. 

Binance, the world’s largest crypto exchange, saw trading volume reach the highest since May 2021, with spot jumping 121 percent to US$1,12 trillion and derivatives increasing 89,7 percent to US$2,91 trillion.

Bitcoin, the world’s largest cryptocurrency, increase 15 percent in March, capping a two-month rally of 67 percent driven by optimism over the approval of US exchange-traded funds. 

The digital currency hit a record high of US$73,797 on March 14.

Binance also had the largest yearly gain in the spot markets, increasing its market dominance by 6,21 percent to 38 percent.

“Compared to last month, Binance made the largest gain in market share, with the exchange now accounting for 38 percent of the spot trading volumes on centralized exchanges,” the report said.

Institutional trading volume on the CME rose to an all-time high 60,6 percent to US$155 billion in March. 

This up-tick in trading volume was largely influenced by Bitcoin futures, which rose 65,4 percent to US$123 billion in monthly volume, the report said. Meanwhile, Ether futures volume on the exchange rose 17,8 percent to US$20,1 billion, the highest since November 2021

– Bloomberg

Derivatives trading volume also hit a record among exchanges integrated with the CCData API, almost doubling to US$6,18 trillion in March.

“This surge occurred as investors and traders speculated on the price action following Bitcoin’s approach toward a new all-time high in March,” the report said. –Bloomberg