According to data provided by Glassnode, roughly $19.5 billion of BTC, ETH and USDT was brought to the exchanges, last week. Bitcoin leads the inflow with $9.6 billion while the largest stablecoin was not far away, reaching the $9.5 billion mark.
As the crypto markets started to recover from the collapse of U.S. banks over the past week, the inflow of the top three cryptocurrencies — bitcoin (BTC), ethereum (ETH), and tether (USDT) — has risen on exchanges.
Ethereum, on the other hand, saw an inflow of $5.4 billion, per Glassnode. The second-largest crypto asset witnessed a positive net flow of $127.6 million in the mentioned timeframe while USDT’s number was in the negative zone, with $349.2 million out of the exchanges.
ETH’s on-chain movements come as the token surpassed the $1,750 mark on March 19. Moreover, bitcoin had the largest net flow over the last week — a positive flow of $1.3 billion.
Glassnode data shows that $1 billion worth of BTC was brought to the exchanges yesterday alone. ETH and USDT witnessed $366 million and $460.3 million inflows in the past 24 hours, respectively.
Spot exchanges’ trading volume spikes
As the on-chain activity climbs, the top five centralized spot exchanges see a green momentum. According to CoinMarketCap (CMC) data, Binance, Coinbase, Kraken, KuCoin and Bitfinex have seen a spike in their trading volumes.
Per CMC data, the total amount of the trading volume for the top five exchanges has reached $28.26 billion in the past 24 hours. Of this tally, $24.59 billion belongs to Binance alone.