Crypto trading volumes on centralized exchanges (CEXs) like Binance have surged since late 2023, with many tripling their monthly volumes by March 2024, according to Bybit's Institutional Report 2024. OKX saw a 278% increase, Binance a 239% rise, and Bybit itself grew by 264%. These figures surpass the industry average growth rate of 255%. Coinbase lagged slightly behind with a 193% increase. The report suggests that the growth was driven by price rallies of Bitcoin and Ether following the approval of spot Bitcoin exchange-traded funds in the U.S. Despite OKX's rapid growth, Binance remains the largest CEX by market share.