- The over-the-counter trading volume for Bitcoin on Coinbase has reached a record-breaking $7.7 billion, signaling a significant increase in investor activity.
- Overall, daily Bitcoin trading volume on various cryptocurrency exchanges has surpassed $52 billion, marking the highest volume seen since March 2023.
- Market analysts at Cryptoquant suggest that the surge in over-the-counter transactions could be linked to the recent approval of spot Bitcoin Exchange-Traded Funds (ETFs).
Colin Wu, an analyst who referenced data from the CryptoQuant platform, reported that Coinbase’s OTC trading volume has achieved its second-highest figure in history.
Experts believe that this increase in OTC trading can be attributed to the recent introduction of spot Bitcoin ETFs in the United States. Coinbase’s registration as a virtual asset service provider in France further solidifies its position in the market. Since the start of 2023, the company’s shares have experienced a remarkable surge of over 350%.
Furthermore, it was previously reported that Wintermute’s OTC trading volume witnessed a fourfold increase throughout 2023, indicating a broader trend of heightened OTC trading activity in the cryptocurrency market.