Bitcoin Trading Volume Surges as Market Shifts from Bearish to Early Bullish Phase

Bitcoin (BTC) spot and perpetual futures trading volumes have surged to multi-month highs alongside price increases, with analysts suggesting the market is transitioning from a bearish phase into an initial bullish period.

CryptoQuant's weekly analysis report revealed that on April 21, virtual asset exchange daily spot trading volume reached approximately $75 billion, marking the highest level since February's peak. Binance led with $19.4 billion, followed by Coinbase at $8 billion and Gate.io at $5.1 billion.

In derivatives markets, perpetual futures daily trading volume also saw significant growth, hitting an April high of around $336 billion on the same day. Binance dominated with $124 billion, while OKX and MEXC recorded $46 billion and $30 billion respectively.

Notably, this surge in trading volume has occurred alongside price increases rather than selling pressure as seen in previous periods this year. While earlier spikes in trading activity were accompanied by strong selling, Bitcoin rose 24% during the recent period of increased volume.

The rate of volume growth was also the fastest observed this year. By April 25, 30-day spot trading volume increases reached 667% at Gate.io and 429% at Coinbase. Perpetual futures volumes also expanded across major exchanges, with Binance up 202% and Bybit up 184%.

CryptoQuant stated that 'the return of trading volume may be another signal that the bearish trend has ended,' aligning with early bullish market conditions currently observed across the broader cryptocurrency sector.