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Bitcoin Binance

Binance Bitcoin Trading Volume Falls To Pre-Fee Removal Lows

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the Bitcoin trading volume on Binance has now fallen to lows not observed since before the fee was removed.

Bitcoin 7-Day Average Trading Volume On Binance Continues Decline

As per the latest weekly report from Arcane Research, the market has observed a significant drop in activity recently. The “daily trading volume” is an indicator that measures the total amount of Bitcoin that was transacted on any spot exchange on a given day.

Arcane Research’s general spot market trading volume metric is based on the total transfers on the Bitwise 10 exchanges. While these exchanges don’t cover the entire market, their volume data is the most reliable available out of all the exchanges, and activity on them still serves as a decent approximation for the market-wide trend.

When the trading volume on these exchanges is high, it means a large number of coins are currently being shifted in the spot market. Such a trend suggests traders are active right now. On the other hand, low values imply BTC activity is low at the moment as investors are making little moves on spot exchanges.

Related Reading: Crypto Market Remained Fearful Throughout 2022, Will 2023 Be Different?

Now, here is a chart that shows the trend in the 7-day average Bitcoin trading volume for Binance and that of the rest of the Bitwise 10 exchanges separately:

Bitcoin Trading Volume

Looks like the 7-day average value of the metric for Binance has been going down recently | Source: Arcane Research's Ahead of the Curve - January 3

The reason why the Binance spot volume is shown separately from the other exchanges is that the platform adopted a zero-fee policy for its BTC pairs last summer, which led to explosive growth in its volumes, and the exchange soon far outweighed the entire rest of the market combined.

However, a lot of this increase in volume was likely due to wash trades, as no fees meant that high-volume trading strategies were now viable. Still, there was obviously some organic improvement in activity as well, since some investors would have left other exchanges in favor of Binance following the change.

Related Reading: Rise of Argentina’s Bukele? Leading Presidential Candidate Preaches Bitcoin

As you can see in the graph, the trading volume on Binance hit a peak around November of last year but has since been going down. Most recently, the indicator has hit the lowest values since the crypto exchange removed its fees.

There is also very little activity in the rest of the market at the moment as their combined volume remains at pretty low levels. The report notes that this market-wide slump in participation could in part be due to the Holiday season.

BTC Price

At the time of writing, Bitcoin is trading around $16,800, up 1% in the last week.

Bitcoin Price Chart

The value of the crypto seems to have sharply risen in recent days | Source: BTCUSD on TradingView.com
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Arcane Research
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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