😱🔥Bitcoin Spot Volume Rivaled the 2021 Bull Market in March: Glassnode
According to Glassnode's report on Tuesday, this year's major crypto rally has been driven by the Bitcoin spot market, and the on-chain analysis provides a unique look at the current state of the market cycle.
#Bitcoin Spot Volume: Now Versus 2021
Spot volumes rose to $14.1 billion in March, which is similar to levels seen at the "peak of the 2020-2021 bull market," Glassnode noted.
"These volumes have decreased to about $ 7 billion per day since April," the report said.
Similarities to the 2021 bull run can also be seen when the fast/slow momentum indicator is applied to the spot volume. As of April 6, Bitcoin's 30-day moving average volume was $9.59 billion, which was significantly higher than the 180-day volume average of $5.95 billion.
In fact, net foreign exchange flows (inflows and outflows from Bitcoin exchanges) are now higher than in 2021 and have reached $8.19 billion per day.
"In general, #BTC 's OHR price action is supported by a significant increase in spot trading volume and currency flows on the chain," Glassnode wrote.
According to a separate analysis this week by James Check, principal analyst at Glassnode, spot ETFs now account for about 30% to 50% of the main factors influencing Bitcoin's spot price.
The significant impact of Bitcoin ETFs on spot trading can be seen over the weekend, with newly launched funds not trading at that time, and intra-chain spot volumes will be "noticeably lower" as a result.
Also, as in 2021, there was a significant trend in buyer-purchase volume on the exchanges, and with the spot volume delta reaching $ 143.6 million last month against the constructive-sales volume, the exchanges had a significant buyer-purchase volume bias. This is in complete contrast to the net selling trend that exchanges experienced throughout 2023 until October, despite the fact that the Bitcoin price experienced some setbacks during this time.$BTC
