Bitcoin (BTC) trading activity has increased significantly, although the price has undergone a significant correction. According to research firm Messari, real bitcoin has a 24-hour trading volume of approximately $ 22.3 billion.
To put this number in context, Cointelegraph previously mentioned that the actual volume of bitcoin trading in seven days reached a new full-time $ 60 billion. In just one day, exchanges processed more than a third of that amount, which will likely indicate a new full time at the end of the week if the current momentum continues.
Cryptanalysis provider Skew reported that despite the reduction in service outages amid falling prices, Coinbase had trading volume of nearly $ 3.5 billion. In total, Coinbase processed over $ 9.5 billion worth of cryptocurrency on Monday, the highest on an exchange ever.
In fact, Coinbase’s volume record on Monday topped the platform’s overall trading activity in the first quarter of 2019. This figure also exceeds the total trading volume on the stock exchanges in January 2020.
Given Bitcoin’s skyrocketing jump from $ 31,000 to $ 35,000, it is clear that much of the trading activity has been driven by the ability to buy Bitcoin below its recent high.
In fact, both Messari and Glassnode data show positive net exchange flows for Tether (USDT), indicating a continued appetite for BTC, with the price still hovering around $ 6,000 from its all-time high.
The uptick in trading activity on Monday extended to the derivatives market, with options on bitcoin and the futures arena seeing huge volumes. Skew data shows that yesterday’s BTC futures trading volume exceeded $ 170 billion.
The Chicago Mercantile Exchange alone nearly surpassed the $ 5 billion mark and set a new volume record in 24 hours. Bitcoin options also topped $ 2 billion on Monday.
Meanwhile, some analysts say Monday’s downturn was a “healthy and necessary” correction. While they were back in early 2021, bitcoin is up about 23% YTD.