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Bitcoin Trading Volume Hits Record on Coinbase: What it Means

Last Updated March 11, 2024 9:20 PM
Eddie Mitchell
Last Updated March 11, 2024 9:20 PM
By Eddie Mitchell
Verified by Peter Henn

Key Takeaways

  • Coinbase is witnessing record-high Bitcoin trading volumes as BTC breaks past another all-time high.
  • Post-ETF institutional interest continues to drive BTC prices upwards.
  • Coinbase (COIN) shares are now the highest they’ve been since 2021.

Bitcoin trading volumes have reached an all-time high as people and institutions continue to buy BTC, pushing it past $70,000.

24-hour spot BTC trading volumes are now above $1.3 billion on Coinbase, one of the largest crypto exchanges. With a fresh influx of investor capital and avid trading activity, what could this all mean for the crypto market?

Spot Bitcoin Volume in the Billions

As markets continue to rally, Coinbase’s 24-hour spot Bitcoin trading volumes have exceeded $1.3 billion, according to CoinPaprika .

Coinbase spot Bitcoin trading volume
24-hour Bitcoin trading volume jumps above $1 billion on Coinbase.

Following the approval of spot Bitcoin exchange-traded funds (ETFs) in the US in January 2024, a brief market correction shed some price gains from the BTC market. It wasn’t long, however, until BTC started to rally and push for a new ATH.

In the weeks leading up to its record BTC trading volumes, both the  Coinbase app and website were gaining noticeable traction ,.

Google search volume Cinbase
Google search volumes for Coinbase ramp up.

Interestingly, Bitcoin spot trading volumes were spiking upwards just as BTC bulls set their sights on breaking past its record once again.


Whales Buy Up Bitcoin

Bitcoin trading volumes represent the total amount of BTC traded within any given time frame. The significance of this heightened activity and interest would suggest that not only major investors, i.e. whales, are making big moves on Coinbase.

Multiple posts from whale tracking bot, Whale Alert , have reported large sums of BTC moving through the exchange.

Heightened trading volumes caused by whales are typically followed by significant price movements. As they accumulate BTC, they increase market liquidity. As a result, this attracts more institutional players to enter the space, reinforcing upward momentum and drawing in fresh retail investors.

A Sign of Things to Come?

Bitcoin is likely to continue dominating headlines and investor interest in the run-up to the Halving, set to take place in April 2024. Indeed, the same may be said for Coinbase.

Coinbase volume bitcoin
Bitcoin volumes dominate Coinbase trading activity.

Market sentiment towards crypto and Coinbase is increasingly positive. Data from The Block  shows that, by the end of 2023, Coinbase had approximately seven million monthly transacting users. Also, by the end of February 2024, North American users had recorded over $113 billion, with March figures on track to top that number.

The block north america exchange vol
North American users are trading heavily on Coinbase.

One of the most popular centralized cryptocurrency exchanges in the Western market, Coinbase serves as a major fiat on-ramp. Therefore, its total daily trading activity is an important indicator when it comes to evaluating market sentiment.

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