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Bitcoin Spot Trading Volume Soars To New 2022 Highs
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.
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:
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.
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%.
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.
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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