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Bitcoin Spot Trading Volume Plummets to 6-Year Lows, But There's a Catch

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Bitcoin's low spot trading volume could have an 'interesting side.'

Bitcoin’s price has found itself trapped beneath the $27,000 mark amidst a significant decline in spot trading volumes that hit a 6-year bottom.

Recent data from CryptoQuant reveals that the weekly transaction volume has been oscillating between a mere 8,000 to 15,000 daily transactions, a stark contrast to the over 600,000 transactions witnessed in March of the same year.a precarious situation for the flagship crypto-asset as derivatives trading volume followed a similar suit with a 73% drawdown since March 2023.

In fact, the downtrend in spot trading demonstrated an increase in interest in “hodling” or holding currencies for the long term rather than trading them., rather than chasing swift gains through short-term trading, an increasing number of market players are now viewing bitcoin and other cryptocurrencies as “long-term investments.”

 

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