BTC Trading Volume Falls to Lowest Level Since October 2020
In August, the trading volume of BTC on centralized platforms fell to its lowest level since October 2020, amounting to $423 billion, according to analysts at Bitfinex.
The report explains that this signals “a decline in confidence in Bitcoin and other crypto assets.”
The derivatives market was the driving force, its turnover being 20 times higher than spot values on the CEX.
Market pessimism is increasing, and a new catalyst is needed for investors to regain confidence, they explained.
Moreover, news surrounding the SEC’s position on ETFs no longer affects prices that much, while macroeconomic data from the United States has a more pronounced effect.
The trading volume on exchanges in April-June was the lowest since the fourth quarter of 2020, according to Kaiko.
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