Between 2013 and 2017, Peter To claims he made more than $1 million by day-trading Bitcoin during its bull runs.more than doubling from levels after last year’s epic collapse that helped blow up the FTX exchange, the 34-year-old professional stock trader in New York says it’s not enough for him to go back.or as driven as it was,” To said. “For traders like me who are hunting for inefficiencies in the market, it’s not as interesting. The allure is kind of gone.
More positive news came as a judge in August overturned a decision to block the conversion of a Bitcoin trust from Grayscale Investments LLC into an ETF.Bitcoin sank below $16,000 and traders’ returns fell about 40% for 2022, according to JPMorgan Chase & Co. Crypto isn’t the only market to see a retreat by day traders.
Retail crypto trading volume as a percentage of total volume in the US on the Bitstamp exchange has increased to 35% from 33% between the first half and the ongoing second half, while globally it’s risen to 9% from 8%. Another sign that retail investing in crypto isn’t returning to previous levels can be seen in weekday versus weekend volumes, with the presumption that the typical person trading on a weekend is a day trader.
“I was constantly losing so much money,” he said. “I had to save up, find a better job, and worry about my studies.”