Data shows the Bitcoin spot trading volume outside Binance has fallen to its lowest value since the February of 2021. Bitcoin Trading Volume Continues To Tumble As Market Calms Down As per the latest weekly report from Arcane Research , volume including Binance is still at a high level right now. Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.
5 BTC + 300 Free Spins for new players & 15 BTC + 35. 000 Free Spins every month, only at mBitcasino. Play Now! The “ trading volume ” here is an indicator that measures the total amount of Bitcoin moved on the Bitwise 10 exchanges in a day.
While the Bitwise 10 exchanges don’t make up the entire spot market, volumes on them still provide a reliable approximation for trends in the entire sector. When the value of the trading volume is high, it means investors are taking part in large amounts of trades on exchanges right now. Such a trend suggests the market is active currently.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Related Reading: Why Fundstrat Still Sees Bitcoin Hitting $200,000, Despite Panic Caused By FTX Meltdown On the other hand, low values imply holders aren’t showing much activity right now. This kind of trend can suggest the general interest around BTC among traders is low at the moment. Now, here is a chart that shows the trend in the 7-day average Bitcoin trading volume over the past year: Looks like the 7-day average value of the metric has declined in recent days | Source: Arcane Research’s Ahead of the Curve – November 29 As you can see in the above graph, the 7-day average Bitcoin daily trading volume sharply rose and hit a peak earlier in the month as a result of the FTX collapse.
After the volatility of the crash calmed down, the volumes quickly started to drop off and have since continued to go down. The chart shows the values of the metric for Binance and for the rest of the spot exchanges separately; the reason behind that is the fee removal on the platform for BTC trading pairs, which has lead to the exchange observing a lot of wash trading. From the graph, it’s apparent that the volumes in the rest of the market have now declined to pretty low values.
In fact, the current levels are the lowest since February 2021. Related Reading: Bitcoin Adjusted For Inflation Brings Bull Market ROI To Zero Activity on Binance, however, still remains at significant levels. Though, the report notes “the 7-day average trading volumes have only been lower once since Binance removed trading fees for its BTC pairs.
” The current low values of the Bitcoin trading volume suggest that market activity has remained muted while BTC’s price hasn’t seen much movement. BTC Price At the time of writing, Bitcoin’s price floats around $16. 8k, up 2% in the last week.
BTC seems to have seen some surge in the last couple of days | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash. com, charts from TradingView. com, Arcane Research Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email.
Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you’re human: Hououin Kyouma Loves to write, enthusiastic about cryptocurrency. Currently studying Physics at university.
Related Posts Bitcoin Looking At ‘Major Move’ In Coming Days, These Technicals Show 10 hours ago Bullish For Bitcoin? Contagion Might End As Genesis Creditors Seek Options 13 hours ago Bitcoin Adjusted For Inflation Brings Bull Market ROI To Zero 1 day ago Bitcoin Price Could Plunge Below $16,000 Due To China’s Civil Uproar 1 day ago Tom Lee Says Bitcoin is Still A Good Investment, But Why? 2 days ago Controversial Bitcoin Core 24 Is Live – What You Need To Know 2 days ago.
From: bitcoinist
URL: https://bitcoinist.com/bitcoin-trading-volume-outside-binance-falls-lowest/
