Bitcoin Spot Volume Rivaled 2021 Bull Market In March: Glassnode

The Bitcoin spot market played a major role in the recent crypto rally, surpassing volume levels seen during the 2021 bull market, according to Glassnode. Spot volumes reached $14.1 billion in March, similar to the peak of the previous bull market. While volumes have since decreased to around $7 billion per day in April, the 30-day moving average for spot volume remains significantly higher than the 180-day average. Net exchange flows have also surged, reaching $8.19 billion per day. The emergence of U.S. Bitcoin spot ETFs has become a significant force in the market, accounting for 30% to 50% of influences on Bitcoin’s spot price. The impact of ETFs is particularly noticeable on weekends when trading activity slows. Exchanges have shown a taker-buy volume bias, with spot volume delta against maker-sell volume reaching $143.6 million in the previous month. Currently, Bitcoin has only recently surpassed its 2021 all-time high, indicating that the current phase of the bull market is still in its early stages. The distribution of capital between short-term and long-term holders suggests a balance between the two, with short-term holders representing 47% of the total, higher than the 20% seen in January but not at market peak levels.