Bitcoin Trading Volume Down 60%, Investors Getting Tired?
Navigasi - The crypto market seems to be experiencing a prolonged bearish trend since the end of December 2021. One of the evidences of this trend indicator is that Bitcoin (BTC) trading volume continues to fall.
|Bitcoin Trading Volume Down 60%, Investors Getting Tired?|
According to a report by Be[In]Crypto Research, investor interest in BTC experienced a sharp decline in the first quarter of 2022. Bitcoin trading volume in the first quarter of 2022 was still less than two and a half times that of the first quarter of 2021.
The recorded trading volume for BTC during the first quarter of 2022 was around US$2.42 trillion. This is a 60% decline in trading volume recorded between January and March 2021 of around US$6.02 trillion.
Be(In)Crypto reports a bearish trend in the crypto market as a whole leading to a decrease in daily trading volume and can mainly be attributed to a decrease in investor interest in Bitcoin.
In January 2021, BTC trading volume was $2.15 trillion and hit a one-day high of around $123 billion. Meanwhile, in January 2022 after the bearish trend in December 2021, BTC volume shrank. In January 2022, BTC trading volume was US$923 billion with a one-day high of US$84 billion.
Furthermore, in February 2021, BTC trading volume was US$2.26 trillion with a one-day high of around US$350 billion. The negative crypto market sentiment continued and was exacerbated by the Russian invasion of Ukraine.
During this time, BTC volume fell to $671 billion with a one-day high of $46 billion. As of March 2021, BTC trading volume was $1.61 trillion with a one-day high in the $70 billion region.
Although, the prices of most major digital assets recovered in the last two weeks of the quarter, BTC trading volume finally dropped in the third month of the year. In March 2022, trading volume was US$830 billion with a one-day high of around US$39 billion.
Then, according to Coinmarketcap, as of Tuesday (19/04/2022) afternoon, the daily trading volume of BTC was at US$ 31.55 billion.