Gibraltar-based Xapo Bank, a private bank and Bitcoin custodian, reported a surge in Bitcoin trading volumes in the first quarter as its high-net-worth members scooped up Bitcoin amid market turbulence.
Xapo Bank said that Q1 trading volume grew 14.2% compared to the Q4 2024, as the Bitcoin (BTC) price drop helped drive trading volume growth on its platform. It said that during the decline, its high net-worth members “actively bought the dip,” reflecting these members’ “commitment to the long-term potential of Bitcoin.”
In the first quarter of 2025, Bitcoin had its worst start to a year since 2018, closing the quarter down 13%.
The crypto-friendly bank became the first licensed bank to launch interest-bearing Bitcoin and fiat banking accounts in the UK in 2025 and launched Bitcoin-backed USD loans of up to $1