Crypto Exchanges’ Spot Trading Volume Rises 187%

The recent surge in the price of Bitcoin to its highest level since the spring of 2022 has sparked a significant increase in user activity on spot exchanges.

According to a report by Block Research, trading volume has risen by 187% to $50 billion.

BTC is currently attempting to break through the resistance around $35,000, but has dropped to $34,200 today. However, in the span of a week, the cryptocurrency has still seen a 19% increase.

Data from IntoTheBlock shows that about 80% of addresses holding BTC have become profitable as a result of its recent rise in October.

Institutional demand for Bitcoin has also been growing, with open interest in futures on the Chicago Mercantile Exchange (CME) reaching over 100,000 BTC – its highest level to date, noted K33 Research analysts.

Vetle Lunde, an analyst at K33 Research, stated that the CME exchange’s share of the futures market has increased by 25%. He believes that if spot Bitcoin ETFs are introduced in the US, it will encourage even more activity from large investors.