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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin Spot Trading Volume Soars To New 2022 Highs

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin

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Data shows the Bitcoin spot trading volume has shot up recently, and has created a new high for the year 2022 so far.

Bitcoin Spot Trading Volume Observes Sharp Uptrend

As per the latest weekly report from Arcane Research, the 7-day average BTC volume has now hit a new yearly high of around $11.4 billion.

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

When the value of this metric is high, it means a large number of coins are observing movement in the spot markets. Such a trend shows investors are active at the moment.

Related Reading: Glassnode: Bitcoin Is Yet To See This Historic Late-Bear Crossover

On the other hand, low values of the indicator suggest there isn’t much activity happening on exchanges right now. This kind of trend may be a sign that investor interest around the crypto is low currently.

Now, here is a chart that shows the trend in the 7-day moving average Bitcoin spot trading volume over the past year:

Bitcoin Trading Volume

The 7-day MA value of the metric seems to have sharply risen up in recent days | Source: Arcane Research's The Weekly Update - Week 36, 2022

As you can see in the above graph, the Bitcoin spot trading volume has seen a sharp spike in its value recently.

The value of the indicator is now about $11.4 billion, the highest seen in not just this part of 2022 so far, but also in general over the last twelve months.

The chart also shows the individual contribution to the total daily spot volumes that’s coming from the crypto exchange Binance.

It looks like the exchange is seeing significantly more volume than the entire rest of the market combined, and has been doing so since a while. The reason behind this is the fee removal on certain BTC trading pairs that the platform employed a while back.

Related Reading: Outstanding 35% Price Surge For Uniglo (GLO), Whilst Top Cryptos Like Bitcoin (BTC) And Stellar (XLM) Suffer From Losses

This encouraged traders who want to use high volume trading strategies to go to Binance, and hence the exchange’s dominance jumped up.

After this latest surge, Binance’s share of the 7-day average total daily Bitcoin spot trading volume has become around 87%.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.3k, up 8% in the last seven days. Over the past month, the crypto has lost 17% in value.

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

Bitcoin Price Chart

Looks like the value of the crypto has crashed down over the last couple of days | Source: BTCUSD on TradingView
Featured image from André François McKenzie on 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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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