Analyzing trading volumes across centralized exchanges (CEXs) allows us to understand trade distribution across various platforms and identify broader market trends. Knowing where Bitcoin is being traded and how much of it is being traded provides insights into market liquidity, investor sentiment, and the overall health of the trading environment.
Tracking trading volumes is particularly important in periods preceding and following significant regulatory changes or market events, as they can lead to substantial changes in trading activity.
The approval of spot Bitcoin ETFs in the U.S. had a significant effect on trading volumes and patterns across centralized exchanges. On Jan. 10, the day of the ETF approval, trading volumes across 33 centralized exchanges tracked by Kaiko soared to $22.04 billion, with trade counts reaching 17.87 million. This spike shows the market’s aggressive response to the ETFs, ultimately leading to volatility and a sharp drop in Bitcoin’s price.
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