In March, the crypto market witnessed a significant surge in trading volume, reaching an all-time high of $9.12 trillion. A report indicated that the derivatives trading market saw a record $6.18 trillion, marking an 86.5% increase compared to previous levels.

The report also highlighted a decline in derivatives' dominance, dropping to 67.8%, the lowest since December 2022. This shift suggests a waning interest in derivatives trading, with traders focusing more on the spot market. Spot trading volume experienced a massive 108% increase to $2.94 trillion, the highest monthly volume recorded since May 2021.

CCData's monthly report pointed out a growing excitement around Bitcoin's new all-time highs and the resurgence of retail participants in the market. The drop in derivatives' dominance is viewed positively by crypto bulls, anticipating a continued price rally.

Bitcoin, the leading cryptocurrency, achieved a 16% increase in March, reaching a new record price of over $73,000. Despite a 4% decline in the last 7 days, Bitcoin's trading volume soared by 18% to $36.5 billion, reflecting its market cap of $1.3 trillion.

Analysts note that Bitcoin's daily gains are now occurring outside US trading hours, following the introduction of spot Bitcoin ETFs. This trend shift offers opportunities for investors to benefit from purchasing Bitcoin before US trading hours begin and capitalizing on expected ETF inflows.