Bitcoin

Bull Market

Recent data indicates that exchange volumes have been gradually increasing since January 1, 2023. At that particular level, when Bitcoin was trading around $16,300, it was noted that the exchange volume was approximately $875 million, which is almost near the all-time low. 
According to Glassnode, an on-chain analytics firm, year to date, the volume of exchanges has increased from $875 million to $2.24 billion, showing a significant 164% growth. However, despite this increase, the current volume is still $3.86 billion (or 63.3%) lower than the all-time high (ATH) of $6.1 billion reached during the primary Bull Market of 2021. 
Year to date, Exchanges have experienced a significant uptick in throughput, increasing from a YTD volume of $875M, to the current value of $2.24B, a 164% increase.However, this remains -$3.86B (-63.3%) lower than the ATH of $6.1B recorded during the 2021 primary Bull Market. 
When the exchange volume was $875 million, this was the time when Bitcoin was trading around $16,300, and the overall market sentiment, along with the FTX fallout, made a negative impact on investors. This made investors stay away from the crypto market. 
As of now, Bitcoin is trading above $30,000, and investors, along with asset management firms, are showing <a href="https://news.todayq.com/79-of-bitcoins-circulating-supply-in-profit-signals-a-bull-run-ahead/">interest</a> in Bitcoin, which is leading to a continuous growth of around 164% in the exchange volume to $2.24 billion. However, this volume is still low compared to the all-time high. 
Recent data indicates, there has been a gradual increase in the number of <a href="https://news.todayq.com/institutional-investors-are-buying-bitcoin-despite-increasing-transaction-fees/">Bitcoin investors</a>, especially among institutional investors, hedge funds, and cryptocurrency private funds. The data indicate that fund holdings have significantly increased, indicating a clear rising trend. These funds show that institutional investors continue to buy Bitcoin despite its rising price. 
As per the data by Glassnode, there has been a significant <a href="https://news.todayq.com/institutional-investors-accumulated-1-01-million-bitcoin-in-just-602-days/">accumulation</a> of over 1.01 million Bitcoin from December 2021 until now. This accumulation has taken place over a period of 602 days. The current supply held by long-term holders is 14.47 million Bitcoin, which is only 20,000 BTC away from the all-time high value of 14.49 million Bitcoin. Throughout these 602 days, there has been minimal distribution activity. 
© Todayq News

Data: Bitcoin exchange volumes show 164% growth in 2023

Todayq News

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