Trading activity on Bitcoin (BTC) exchanges spiked massively even as the BTC price underwent a major correction. According to According to data from crypto research firm Messari, Bitcoin’s actual 24-hour trading volume is approximately $ 22.3 billion.
To put this figure in context, Cointelegraph previously reported Bitcoin’s actual seven-day trading volume set a new record of $ 60 billion. In just one day, exchanges have 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.
Despite suffer from service interruptions amid the price drop, Coinbase registered approximately $ 3.5 billion in trading volume according to on data from crypto analytics provider Skew. In total, Coinbase processed more than $ 9.5 billion in crypto transactions on Monday, a record high for the exchange.
Coinbase’s volume record on Monday does indeed exceed the platform’s total trading activity for the entire first quarter of 2019. The figure also exceeds the exchanges’ total trading volume in January 2020.
Given the rapid rally for Bitcoin from $ 31,000 to $ 35,000, it is clear that a significant portion of the trading activity was driven by BTC’s buying opportunity below the recent price.
Indeed, the data from both Messari and Glassnode shows positive net Tether exchange flows, indicating continued interest in BTC with the price still about $ 6,000 below its all-time high.
Monday’s spike in trading activity also expanded into the derivatives market, with the Bitcoin options and futures arena seeing massive volumes. data Skew estimates yesterday’s BTC futures trading volume to be more than $ 170 billion.
CME alone nearly crossed the $ 5 billion trade mark and set a new 24-hour volume record. Bitcoin options volume crossed Monday also hit the $ 2 billion mark.
Meanwhile, some analysts say Monday’s dip was one “Healthy and necessary” correction. While BTC is in its infancy by 2021, it is up about 23% year-to-date.