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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?
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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Bitcoin Bloodbath Awakens Sleepy Giant As Spot Volumes Surge

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 2:19 pm
3 mins read

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Data shows the Bitcoin carnage has awakened the dead trading volume that had persisted since many months now.

Bitcoin Trading Volume Surges To Highest Value Since December

As per the latest weekly report from Arcane Research, the latest bloodbath in the crypto market has awakened BTC’s spot trading volume.

The “trading volume” is an indicator that measures the total amount of Bitcoin being moved on the chain on any given day.

When the value of this metric rises, it means the market is becoming more active as investors trade larger amounts of the crypto.

On the other hand, a downtrend in the indicator suggests the Bitcoin market activity is going down at the moment.

Historically, high trading volumes have made up for an ideal environment for pushing large price moves. This is because to sustain any such move, a large number of active traders are needed.

Related Reading | Bitcoin Market Cap Falls By $315 Billion As Crypto Adoption In 2022 Fails To Materialize

It’s also true that any significant price move attracts more traders in return as interest in Bitcoin goes up. Thus, it fuels itself to keep going. In cases when the volume hasn’t surged up in response to a move, the move hasn’t lasted for long before dying off.

Now, here is a chart that shows the trend in the BTC trading volume over the past year:

Bitcoin Trading Volume

Looks like the value of the metric has surged up recently | Source: Arcane Research's The Weekly Update - Week 18

As you can see in the above graph, the Bitcoin trading volume had been very quite since a couple of months now.

However, this week the indicator’s value has sharply spiked up as the market has panicked due to the crash in the crypto’s price.

Related Reading | Extreme Fear Back In Focus: Is It Time To Buy Bitcoin?

On Monday, the daily trading volume amounted to around $13 billion in Bitcoin travelling on the network. This is the highest the value of the metric has been since the 4th of last December.

It now remains to be seen whether the fresh spot volumes will remain to the next week, or if the market will once again fall back to sleep when the selloff is over.

BTC Price

Bitcoin’s price has now crashed down to lesser values than the low formed in summer 2021. At the time of writing, the coin trades around $28.1k, down 28% in the last seven days. Over the past month, the crypto has lost 29% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

The value of the crypto seems to have crashed down over the last few days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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