Record $1.1 Trillion in Crypto Exchange Volume Driven by Spot Bitcoin ETF Anticipation

Binance OKX Upbit

Author

Fredrik Vold

Author

Fredrik Vold

Author Profile

Share

Copied

Last updated:

January 3, 2024 10:10 EST

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

The monthly spot trading volume on crypto exchanges exceeded $1 trillion in December 2023, marking the first time this significant volume level has been surpassed in over a year.

According to data from compiled by The Block, the total exchange volume for the month reached a whopping $1.1 trillion.

The last instance of monthly spot trading volume surpassing the $1 trillion mark occurred in September 2022, with a total volume of $1.03 trillion, the data showed.

The latest figures for December 2023 not only represent a notable resurgence but also set a new monthly record since May 2022 when trading volume peaked at $1.35 trillion.

As usual, the crypto exchange responsible for the most trading volume was Binance, contributing 39.3% of the December’s total volume.

In US dollar terms, Binance’s share of the volume equaled $432.7 billion.

South Korea-based crypto exchange Upbit secured the second position with an 8.3% share, amounting to $91.8 billion, followed closely by OKX at 8%, totaling $87.5 billion.

Binance has long dominated the rankings as the largest spot crypto exchange by trading volume, but has seen its market share drop as regulatory scrutiny of the exchange has intensified.

At the same time, Upbit and OKX have both seen their market share increase.

The surge in trading activity coincides with heightened anticipation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC), potentially as early as January 10.