Bitcoin continues to show resilience, with its rally against the backdrop of the banking scandal highlighting a shift in investor sentiment towards viewing it as a hedge against banks. According to a report by CoinGecko, spot trading volume across the top 10 crypto exchanges was recorded at $2.8 trillion in Q1 2023, up by over 18% from Q4 2022.

Monthly trading volume has also been on the rise since hitting $0.5 trillion lows in December 2022, indicating renewed bullishness in the market. DEXs have witnessed significant growth, with their popularity exceeding that of CEXs by approximately two times, growing 33.4% versus 16.9% for CEXs in Q1 2023.