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Bitcoin Trading Volume Has Reached A Four-year Low
This month, Bitcoin trading volume dropped to its least in over five years, as shareholders continue to look for motivation to come back to the market.
According to a CryptoQuant data study from both spot and futures markets, the quantity of bitcoin stored on all exchanges plummeted earlier this month to its lowest level since 2018 and has failed to recover.
Conforming to CryptoQuant, the entire volume of bitcoin traded on all exchanges on August 26 was 129,307 BTC. On August 12, it fell to 112,317 BTC, the bottom since November 10, 2018. It is presently 94% less than the March high of 3.5 million BTC.
“Trading volumes drop in bear markets as retail investors depart,” said Julio Moreno. “Most exchanges experienced this in 2022.” As we expand more into a bull market, trading volume is going to increase.”
As reported by Coin Metrics, BTC’s cost remains up 57% for the year and is currently hovering at $26,100.
Summer has been dreadfully silent, but it is just because of seasonality. The United States’ regulatory crackdown on cryptocurrency, in addition to the end of the financial crisis in May (which accounted for much of the cryptocurrency’s year-to-date gains), drove market makers and traders away – and they didn’t have a cause to come back.