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Bitcoin's Price Rally Driven by Americans' Safe Haven Bid: Matrixport
The U.S. trading hours continue to be a major source of bullish pressure for bitcoin.
Updated Mar 22, 2023, 2:48 p.m. Published Mar 21, 2023, 7:14 a.m.
The recent bank failures in the U.S. have exposed the fractional reserve banking system’s core limitations and strengthened the case for investing in .
Analysis by crypto services provider Matrixport shows that American buyers are leading the safe haven bid for the cryptocurrency. Bitcoin has rallied by over 40% in the last 10 days, reaching a nine-month high above $28,000, CoinDesk data shows.
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"Since the dip on March 10, Bitcoin has rallied by +44%. +31% of the rally was driven during the U.S. trading hours and an indicator that Americans are buying bitcoins with both hands," Markus Thielen, head of research and strategy, said in a note to clients, adding that the stress in the banking sector is not over.
Bitcoin is available to trade 24/7 worldwide. However, price action varies through each 24-hour cycle depending on the news flow and macroeconomic data releases.
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Of late the news flow has been dominated by banking sector issues in the U.S. and the resulting repricing of interest rate expectations lower. That explains bitcoin's positive performance during U.S. trading hours.
American hours have been a major source of bullish pressure since the beginning of the year, according to Matrixport.
" is up +66% year to date, and during U.S. trading hours bitcoin rallied 47% while the cryptocurrency only rallied by +16% during trading hours in Asia. Bitcoin has barely broken a sweat during European trading hours – just +3%," Thielen said.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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