According to the data, the transaction volume of Bitcoin spot transactions has maintained for a long time in the past week, but the dominance of Binance has further strengthened.

Binance's Bitcoin transaction volume advantage is about 96%

According to the latest weekly report released by Arcane Research, the BTC trading volume in the past week remained around US $10 billion. "Daily trading volume" is an indicator value to test the total number of Bitcoin transactions traded by Bitwise 10 Exchange on all given dates.

This indicator only includes the trading volume of Bitwise 10 exchange, because it brings the most valuable information in the market. Although they are not all service platforms in the industry, their trading volume trends can still provide a good trend chart for a wider range of users.

When the index is large, it means that there are many currencies in the current spot market. This trend may be a sign of investors' activity in the market.

On the other hand, low value and easy consumption indicate that the popularity of the Bitcoin spot market is relatively low at this stage. Such trends are likely to mean that investors have little interest in the property at this stage.

Now, here is a chart showing the trend of the daily trading volume of Bitcoin in the past seven days:

As shown in the figure above, the average daily trading volume of Bitcoin for seven days has risen to about US $10 billion in the past week. However, it is very obvious that the vast majority of this number is only located in the digital currency exchange Binance.

In the spot market without Binance, the use value of this indicator in the past seven days is only US $390 million, which is the lowest since January 7, 2023.

This means that Binance has recently contributed 96% of the total trading volume of Bitwise 10. The underlying reason for this increase is that the trading volume of the Coinbase, Kraken and Bitstamp exchanges has been severely hit during this period.

Generally, when the price of Bitcoin is adjusted horizontally, the trading volume will generally decrease. Because investors generally feel that the consolidation of the sales market is particularly boring, they are not easy to adopt excessive behavior. Because BTC shows an old market at this stage, it is not surprising that the trading volume of most exchanges is not too high.

Then why is the transaction volume of Binance still so strong that the website has gained more initiative. The report explains that "according to the BTC of Binance's exchange from BUSD to USDT, it is likely to explain part of the reason for the increase of the transaction volume of Binance in the past month, because both BTCBUSD and BUSDUSDT saw the increase of the transaction volume in the context of the Paxos news report."

BTC price

At the time of writing, the transaction price of Bitcoin was about $22100, down 4% last week.