Bitget records almost $660B in Q1 futures trading volume amid surge at CEXs, Bitcoin rally in March Bitget records almost $660B in Q1 futures trading volume amid surge at CEXs, Bitcoin rally in March
Almost all crypto exchanges recorded surges in futures trading and spot trading volumes in March.
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Updated: Oct. 15, 2023 at 4:22 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
All major centralized exchanges saw growth in their futures trading volumes at the end of March, with Bitfinex and Deribit seeing triple-digit percentage gains, while Bitget (BGB)reported Q1 futures trading volume of $658 billion.
Trading volumes surge in March
Crypto exchanges’ futures trading volumes recorded a surge in March. Exchanges Bitfinex and Deribit recorded the highest increase in futures trading volume vs. February at 122.7% and 111.8%, respectively, reaching over $3 billion and $27 billion, according to WuBlockchain data.
In the meantime, the leading exchange Binance recorded a 47.7% growth in futures trading volume in March, surpassing $1.75 trillion. Bitget recorded a 20.6% increase in March vs. February to reach $248 billion in futures trading.
Bitget’s futures trading volume at the end of the first quarter, $685 billion, reflects a 27% increase quarter over quarter.
When it comes to spot trading volumes, Gate.io and Bybit took the lead in expansion by recording 116.5% and 112.5% growth compared to February, respectively, to reach $42 billion and $25 billion in March.
In the meantime, Binance’s spot trading volume grew by 2.6% and nearly reached $600 billion. Bitget grew its spot trading volume by 20.9% compared to February to almost $24 billion in March.
As of the end of the third quarter, Bitget’s spot trading volume reached $59 billion, recording an 8% quarter-over-quarter growth,
The Bitcoin surge
Bitcoin (BTC) price started to spike for the first time in months in March and surpassed the $28,000 price level.
The market reacted positively to this as altcoins started to record higher price increases than BTC, also pulling the trading volumes up.
An exclusive CryptoSlate insight from March looked into the nature of the BTC rally and revealed that it was not spot or derivatives driven. This is “exceptionally healthy,” the article states, before explaining that future growth might be expected.
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Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
Bybit
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
Deribit
Deribit is an institutional grade cryptocurrency derivatives platform that is a leader in the crypto options market.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
