Bitcoin trading activity (BTCExchanges soared even as the Bitcoin price suffered a major correction. Depending Based on data from crypto research firm Messari, real 24-hour Bitcoin trading volume is roughly $ 22.3 billion.
To put this number in context, Cointelegraph previously reported real Bitcoin trading volume for seven days Set a new high ever $ 60 billion. In just one day, exchanges processed more than a third of that amount which would likely point to a new all-time high by the end of the week if the current momentum continues.
In spite of Suffer from service outages Amidst declining prices, Coinbase recorded approximately $ 3.5 billion in turnover Depending To data from Skew crypto analytics provider. In total, Coinbase processed more than $ 9.5 billion in crypto transactions on Monday, the highest on the exchange ever.
In fact, Coinbase’s volume record on Monday exceeds the platform’s total trading activity throughout the first quarter of 2019. This number also exceeds the total trading volume on exchanges in January 2020.
Given Bitcoin’s rapid bounce from $ 31,000 to $ 35,000, it is clear that a large part of the trading activity was driven by the opportunity to buy Bitcoin below its recent high.
In fact, both Messari and Glassnode data show positive Tether net exchange flows indicating continued appetite for Bitcoin with the price still around $ 6,000 from an all-time high.
The surge in trading activity on Monday also extended to the derivatives market as Bitcoin options and futures saw huge volumes. data From Skew puts BTC futures trading volume at over $ 170 billion yesterday.
The Chicago Mercantile Exchange alone nearly surpassed the $ 5 billion trade mark, setting a new 24-hour volume record. Bitcoin options size Crossed $ 2 billion on Monday, too.
Meanwhile, some analysts say Monday’s decline was The “healthy and necessary” correction. While still early days in 2021, BTC is up about 23% since the start of the year.