An analysis of CryptoQuant data from spot and derivatives exchanges reveals that the total volume of bitcoin held on all exchanges is currently at its least amount since 2019.As of Aug. 26, CryptoQuant records show that the trading volume of bitcoin on all exchanges amounts to 129,307 BTC. On Aug. 12, it decreased to a figure of 127,100 BTC; not observed since the beginning of March in 2019. In comparison to its peak of 3.5 million BTC recorded in March, it has now dropped by about 94%, according to the data provider.
Bitcoin's trading activity has weakened significantly, decreasing to a four-year floor. CryptoQuant data which examines both spot and derivatives exchanges reveals the number of bitcoins kept on all exchanges dropped in August to an amount not witnessed since 2019 and thus far has been unable to recover. As of August 26th, the trading volume of bitcoin on all exchanges was 129,307 BTC, being the least since March 31, 2019, according to CryptoQuant. The figure has plummeted by about 94% compared with the March peak of 3.5 million BTC.The pupils were instructed to complete the assignment
The students were told to finish the task.
Julio Moreno, head of research at CryptoQuant, informed CNBC that trading volumes drop during bear markets as retail investors exit. This situation was seen across exchanges in 2022. As we progress towards a bull market, trading volume may improve. Coin Metrics currently observes bitcoin trading at around $26,100 and 57% of growth in a year.The inactivity in bitcoin trading this summer has a considerable portion of its origin in the U.S. regulatory crackdown and conclusion of a banking crisis that caused a strong surge in bitcoin value in May. Consequently, market makers and traders have had no reason to go back. The recent price crash of bitcoin in mid-August has not caused any significant panic among investors; however, the entire market awaits new catalysts for growth.Gautam Chhugani, Bernstein analyst, noted that the crypto market has been quiet and weak, without a particular sentiment – 'bearish' or 'bullish'. Chhugani suggested that investors should stick with their investments, as the Bitcoin halving of 2024 can bring new opportunities.Similarly, Cantor Fitzgerald analyst Josh Siegler expressed confidence in the long-term prospects of bitcoin as an alternative asset and store of value.
Comments