Monday’s Bitcoin price fall coincided with a huge upsurge in spot, options, and futures markets.
Bitcoin trading operation (BTC) exchanges spiked massively, even though the BTC price underwent a big correction. According to statistics from the Messari crypto consulting group, Bitcoin’s current 24-hour trading rate is around $22.3 billion.
To place this number in perspective, Cointelegraph previously recorded Bitcoin’s actual seven-day trading volume setting a new all-time record of $60 billion. In only one day, exchanges processed more than a third of the amount likely to point to a new all-time record by the end of the week if the present momentum is continued.
After experiencing service disruptions as a consequence of price decline, Coinbase reported around $3.5 billion in trading volume based on data from crypto analytics provider Skew. In particular, Coinbase handled more than $9.5 billion in crypto trading on Monday, an all-time high exchange rate.
Indeed, the record of Coinbase’s amount on Monday exceeds the overall trading activity of the platform for the entirety of Q1 2019. The number also approaches the overall trading volume of the exchanges in January 2020.
Given Bitcoin’s fast bounce from $31,000 to the $35,000 price point, it is apparent that a large proportion of the trading action was guided by the BTC purchasing incentive below the recent high price.
Indeed, both Messari and Glassnode data indicate positive nett Tether trade flows suggesting a continuing demand for BTC at a price only about $6,000 from its all-time peak.
Monday’s trading activity surge also spread to the derivatives industry with Bitcoin’s options and futures arena seeing huge amounts. Skew’s data places the BTC futures trading value of more than $170 billion yesterday.
CME alone almost overshadowed the $5 billion trade mark setting a new 24-hour volume high. Bitcoin’s options value also crossed the $2 billion threshold on Monday.
Meanwhile, some observers say that Monday’s dip was a “healthy and necessary” correction. Though just in the early days of 2021, BTC has been up to around 23 percent year-to-date.
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