According to the blockchain data analysis company Glassnode, since the launch of the US spot ETF in January 2024, the spot trading volume of the Bitcoin market has increased. By mid-March, as the market reached a historical high of $73,000, the daily trading volume reached about $14.1 billion. Binance still holds a market share of 37.5% in the spot market, but this dominant position is declining compared to the previous cycle. In 2021, Binance accounted for 50% of the trading volume, but during the deep bear market in 2022, its trading volume reached an astonishing 85%+. Overall, Bitcoin's price behavior from the beginning of the year to the present has been supported by a significant increase in spot trading volume and on-chain transaction liquidity.

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