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 Bitcoin registered on-chain volume for the month of January that was higher than any month since September 2022 and more than triple the amount recorded in September last year, according to data compiled by The Block.
 Bitcoin’s increase in volume during January marks the fourth consecutive month of gains, as&nbsp; the data shows that $1.21 trillion worth of Bitcoin was moved on-chain. This is also the largest amount since BTC was trading at around $20K back in Sept. 2022.&nbsp;&nbsp;
 Bitcoin’s volume in January is also more than 3x the $550 billion worth of BTC that was moved in September last year.
 <img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E" alt="Bitcoin bounces above $43,000, turns positive for 2024" data-lazy-src="https://cdn.thebittimes.com/images/2024/02/05/970638759dfad24e18f4f31664d7bca7.webp">
 <noscript><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/05/970638759dfad24e18f4f31664d7bca7.webp" alt="Bitcoin bounces above $43,000, turns positive for 2024">
 </noscript>
 <h2 id="span-style-font-weight-400-bitcoin-etf-anticipation-drove-monthly-btc-volumes-above-1-trillion-span">Bitcoin ETF Anticipation Drove Monthly BTC Volumes Above $1 Trillion</h2>
 Bitcoin was unable to surpass $1 trillion in volume in every month last year except December. The recent break above this threshold could be attributed to the anticipated launch of Bitcoin ETFs (exchange-traded funds) in the U.S, which came to pass on Jan. 11.&nbsp;
 Glassnode analysts also said in a Jan. 30 report that long-term Bitcoin holders currently seem unwilling to part with their coins. Instead, the analysts wrote that these investors “appear to be calmly riding the market waves.”
 <h2 id="span-style-font-weight-400-a-positive-shift-in-bitcoin-etf-dynamics-span">A Positive Shift In Bitcoin ETF Dynamics</h2>
 On-chain volume is not the only BTC&nbsp;metric that has risen in January. Asset managers BlackRock and ProShares saw their respective ETFs record trading volumes greater than that of GrayScale’s GBTC fund for the first time since their launch in January.&nbsp;
 On Feb. 1, BlackRock’s IBIT had trading volume of $306 million, while ProShares’ BITO witnessed $298 million of volume. This surpassed GBTC’s $291 million in transactions, according to a CoinDesk report.&nbsp;
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Still some after hours trading left but looks like BlackRock's $IBIT is the first ETF to trade more than Grayscale's $GBTC in a single day.
 Total trading today was kind of a dud though at $924 million — first day below $1 billion in dollar volume for the group since launch. https://t.co/IeIF2COm4F pic.twitter.com/ZtADLBQP63
 — James Seyffart (@JSeyff) February 1, 2024
 </blockquote>
 
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 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-on-chain-volume-surged-in-january-reaching-highest-level-since-september-2022-tbt78893.html">https://thebittimes.com/bitcoin-on-chain-volume-surged-in-january-reaching-highest-level-since-september-2022-tbt78893.html</a>
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Bitcoin On-Chain Volume Surged In January, Reaching Highest Level Since September 2022

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TheBitTimes

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