Data shows Bitcoin trading volume rose to its highest level since December 2021 on Monday, the day of the crash.
Bitcoin trading volume skyrockets
According to the latest weekly report from Arcane Research, daily trading volume in the Bitcoin spot market soared to about $15.7 billion on Monday.
The “daily trading volume” is an indicator that measures the total amount of Bitcoin traded on the network on a given day. When the value of this stat increases, it means that the number of coins switching hands increases. Such a trend shows that activity on the BTC network is increasing as investors become more interested in trading the coin.
On the other hand, declining trading volume means that the Bitcoin network becomes more inactive. This could be due to a general lack of interest around the crypto, or simply because investors wait for specific price levels before making their move. So, the huge increase in trading volume clearly means that Bitcoin had reached an important price level on Monday.
Below is a chart showing the trend in Bitcoin trading volume over the past year: