Bitcoin spot market anticipates consecutive monthly drops post six-month growth period

Quick Take

According to data from The Block, Bitcoin’s spot market volume saw a consistent upward trend from September 2023 to March 2024. The total spot market volume across all exchanges in September 2023 was $324 billion. Each subsequent month saw increases, correlating with Bitcoin’s rising value. By March 2024, the volume had surged to $2.5 trillion, with Binance alone handling $1.13 trillion.

Data from The Block shows that April 2024 marked the first decline in spot volume since September 2023. The total volume dropped to $1.6 trillion, with Binance’s dropping to $700 billion. As of May 2024, the spot market volume is $1.11 trillion, with Binance contributing under $500 billion, though the month has not yet concluded.

Looking at the broader picture, March 2024’s volume matched that of November 2021, a period that also represented a nominal peak for Bitcoin in the previous cycle. Nonetheless, May 2021 remains the record-holder for the highest monthly spot volume, reaching $4.2 trillion.

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