Trading activity on the Bitcoin (BTC) exchange has soared even though the BTC price is undergoing a major adjustment. According to data from crypto research company Messari, Bitcoin’s real 24-hour transaction volume is approximately $22.3 billion.
To put this number in context, Cointelegraph previously reported that Bitcoin’s real 7-day transaction volume hit a record high of $60 billion. In just one day, if the current momentum is maintained, the exchange’s trading volume may exceed one-third of this amount, which may point to a new high this weekend.
According to data from crypto analysis provider Skew, despite the service interruption caused by the price drop, Coinbase̵
Indeed, Coinbase’s transaction volume record on Monday exceeded the total transaction activity of the platform throughout the first quarter of 2019. This figure also exceeds the total exchange volume in January 2020.
Given the rapid rebound of Bitcoin from $31,000 to the price mark of $35,000, it is clear that a large part of the trading activity is driven by BTC buying opportunities lower than recent price highs.
In fact, Messari (Messari) and Glassnode (Glassnode) data both show that positive Tether net exchange traffic indicates continued demand for BTC, and the price is still about $6,000 lower than historical highs.
The surge in trading activity on Monday also extended to the derivatives market, with large trading volumes on the Bitcoin options and futures arena. Skew’s data shows that yesterday’s BTC futures trading volume exceeded $170 billion.
CME alone has created a new 24-hour transaction record, exceeding the transaction volume of 5 billion US dollars. On Monday, Bitcoin options trading volume also exceeded the $2 billion mark.
At the same time, some analysts said Monday’s decline was a “healthy and necessary” correction. Although 2021 is still in its infancy, BTC has risen about 23% year-to-date.