In the whirlwind world of cryptocurrency trading, the approval of spot Bitcoin ETFs in the U.S. sent shockwaves through the sector, highlighting how regulatory milestones can vastly influence market dynamics. As trading volumes on centralized exchanges skyrocketed to unprecedented levels, the immediate aftermath painted a vivid picture of market excitability and investor responses. This surge, however, was followed by a swift normalization, leading market analysts to delve deeper into the trading patterns that emerged. Amidst these fluctuations, one exchange outpaced others, solidifying its dominance in a manner that reshapes our understanding of global trading activity. But which exchange took the lead and what does this mean for the future of cryptocurrency trading? The answer showcases the power of major platforms in steering the market direction.
What Bitcoin’s trading patterns on centralized exchanges tell us about the market What Bitcoin’s trading patterns on centralized exchanges tell us about the market
CryptoSlate's analysis of Kaiko data showed that the majority of global Bitcoin trading takes place outside the U.S. on Binance.
3 min read
Updated: Feb. 7, 2024 at 10:38 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
