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Bitcoin

Bitcoin Trading Volume Down To 3-Month Low As FTX Volatility Fades

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 has plunged to a 3-month low as renewed market volatility due to the FTX fiasco fades away.

Bitcoin 7-Day Average Trading Volume Has Plummeted This Week

As per the latest weekly report from Arcane Research, the activity in the BTC market has slowed down recently.

The “daily trading volume” is an indicator that measures the total amount of Bitcoin being traded on the Bitwise 10 exchanges every day.

While the Bitwise 10 exchanges don’t make up the entire market, they still provide a decent approximation for activity across the spot exchanges.

When the value of the trading volume is high, it means investors are moving around large amounts on spot markets currently. Such a trend shows traders are active right now.

Related Reading: A Crypto Wallet For JPMorgan? Yes, America’s Biggest Bank Doesn’t Really Hate Crypto

On the other hand, low values of the metric suggest there isn’t much activity going on in exchanges at the moment. This could be a sign that interest around the crypto is low currently.

Now, here is a chart that shows the trend in the 7-day average Bitcoin daily trading volume over the past year:

Bitcoin Trading Volume

The weekly average value of the metric seems to have gone down in recent days | Source: Arcane Research's Ahead of the Curve - November 22

As you can see in the above graph, the 7-day average Bitcoin trading volume had been at yearly highs just a little while ago.

This high activity on spot markets was caused by the collapse of crypto exchange FTX, which caused rush among investors to make some moves.

Related Reading: Not Your Keys: Monthly Bitcoin Exchange Outflows Reach New ATH

The BTC volatility had also shot up in the same period as the price of the crypto observed a deep crash.

In the last week, however, both the previously high activity and the volatility have dwindled down as the market has stabilized a bit.

Amid this calm market, the weekly average Bitcoin trading volumes have now plunged to lows not seen since around three months ago.

BTC Price

At the time of writing, Bitcoin’s price floats around $16.5k, down 1% in the last week. Over the past month, the crypto has lost 14% in value.

Below is a chart that shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

Looks like the the value of the crypto has surged up during the past day | Source: BTCUSD on TradingView

Bitcoin had plunged below $16k just a couple of days back, but over the last day or so the crypto’s price has already made a recovery above the $16.5k mark.

Featured image from Dmitry Demidko 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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