Trading activity on Bitcoin (BTC) exchanges has increased enormously, even when the price of BTC was undergoing a major correction. According to data from crypto research firm Messari, Bitcoin’s actual 24-hour trading volume is around $ 22.3 billion.
To put that figure into context, Cointelegraph previously reported that Bitcoin’s actual seven-day turnover set a new historical record of $ 60 billion. In just one day, exchanges processed more than a third of that sum, probably pointing to a new historic high at the end of the week if the current momentum is maintained.
Despite experiencing service disruptions amid the price drop, Coinbase recorded about $ 3.5 billion in turnover, according to data from cryptographic analysis provider Skew. In total, Coinbase processed more than $ 9.5 billion in cryptographic trades on Monday, a historic record for the exchange.
In fact, Coinbase’s record volume on Monday exceeds the platform’s total trading activity throughout the first quarter of 2019. The number also exceeds the January 2020 total trading volume on the exchanges.
Given Bitcoin’s rapid recovery from $ 31,000 to $ 35,000, it is evident that a significant proportion of trading activity was driven by the opportunity to buy BTC below the recent price hike.
In fact, the Messari and Glassnode data show positive net Tether exchange flows, indicating a continued appetite for BTC with the price still around $ 6,000 below its historical high.
The spike in Monday’s trading activity also extended to the derivatives market, with Bitcoin options and the futures arena registering large volumes. Skew data puts yesterday’s BTC futures trading volume at more than $ 170 billion.
CME alone almost surpassed the $ 5 billion trade mark, setting a new 24-hour volume record. The volume of Bitcoin options also surpassed the $ 2 billion mark on Monday.
Meanwhile, some analysts say Monday’s drop was a “healthy and necessary” correction. Although it is only the beginning of 2021, BTC increased by 23% in the year.