#Bitcoin Spot and Futures Volumes Suggest Potential for Further Upside
Bitcoin's spot trading volumes on centralized exchanges surged significantly following its recent all-time high rally, according to a CryptoQuant report released Tuesday.
Binance led the spike in activity, with spot volume soaring from $3.1 billion to $8.8 billion during the rally. Meanwhile, combined volumes on major exchanges including Coinbase, Crypto.com, Bybit, and OKX rose from $5 billion to $12.7 billion.
According to Julio Moreno, Head of Research at CryptoQuant, Binance’s sustained trading volume even after Bitcoin peaked near $123,000 indicates that retail traders were key drivers of the rally. He noted that while volumes on other platforms tapered off post-peak, Binance's remained elevated, underscoring strong underlying demand.
The persistence of high spot and futures volumes may signal continued bullish momentum and the potential for further upside in $BTC price action.
