An analysis of CryptoQuant data from both spot and derivatives exchanges shows the total volume of bitcoin held on all exchanges fell earlier this month to its lowest level since 2019 and has struggled to rebound.On Aug. 12, trading volume fell as low as 127,100 BTC, a level not seen since March 31, 2019. It's now off the March high of 3.5 million BTC by about 94%, according to the data provider.
Bitcoin's trading volume is down to its lowest level in four years as investors wait for reasons to jump back into the market. An analysis of CryptoQuant data from both spot and derivatives exchanges shows the total volume of bitcoin held on all exchanges fell earlier this month to its lowest level since 2019 and has struggled to rebound.trading volume on all exchanges sat at 129,307 BTC, according to CryptoQuant. On Aug. 12 it fell as low as 127,100 BTC, a level not seen since March 31, 2019. It's now off the March high of 3.5 million BTC by about 94%.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly"Trading volumes decrease in bear markets as retail investors leave," Julio Moreno, head of research at CryptoQuant, told CNBC."This happened during 2022 on most exchanges. As we progress further into a bull market, the trading volume may continue to pick up."
The price of bitcoin is still up 57% for the year and hovering at about $26,100, according to Coin Metrics.
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