It shows Bitcoin's price alongside its exchange-to-exchange transaction volume for both spot and derivative exchanges.
The notable spikes in transaction volume align with significant price changes. In particular, the peaks in exchange transactions marked in the red circles precede or coincide with sharp price movements. The first highlighted peak in 2017 corresponds with Bitcoin's historical price surge, while the second peak around 2021 matches another significant price movement. Recently, the transaction volume has decreased significantly, indicating lower trading activity compared to previous years.
Written by 우민규 Woominkyu
