Bitcoin's spot trading volume over the past week shows varying levels of activity and market sentiment. Bitcoin price saw some volatility during the week, peaking on May 25 at $69,270, then falling slightly to stabilize in the $68,000-$69,000 range.
This peak corresponds to the lowest spot trading volume last week of 2.12 billion USD. This suggests that the price increase may have reduced trading activity as the market waits for further price movements or reaches a point of indecision.
Intraday spot volume data from Glassnode shows a sharp decline from May 23 (to $7.78 billion) to May 25 (to just $2.12 billion). This significant decrease in volume indicates a period of low volatility and lack of strong market catalysts, leading to a significant decrease in trading activity.
The following days showed a recovery in trading volume. On May 27, spot trading volume increased to $4.76 billion as Bitcoin reclaimed $69,385. On May 28, spot trading volume surpassed $6 billion despite the price falling slightly to $68,280.
The chart shows total Bitcoin spot trading volume from May 23 to May 29, 2024. Source: Glassnode
This pattern shows that price peaks do not always lead to an immediate increase in trading activity, as traders tend to wait for consolidation to inevitably occur after a price increase.
Analyzing intraday spot buying and selling volume helps determine overall market sentiment. If the majority of trading volume comes from the selling side, it shows that the bearish market is rushing to take advantage of sharp price movements and exit or cut losses.
On the contrary, if the majority of trading volume comes from the buying side, bullish sentiment prevails as the market is racing to enter orders at the current price and expect further increases.
Glassnode data over the past week shows that the market is almost in equilibrium. On May 23, buy volume was $3.79 billion compared to sell volume of $3.98 billion. While this typically indicates bearish sentiment, over-balanced trading volume indicates a fragmented market with no clear direction.
This trend continued throughout the past week. May 24 saw almost equal buying and selling volumes, around $2.56 billion and $2.55 billion respectively, while the lowest volume in May saw buying at 1.5 billion. 03 billion USD and sales volume at 1.08 billion USD.
As trading volumes began to increase on May 27, buying and selling volumes continued to stay at around $2.38 billion and $2.37 billion, indicating a very active trading environment with participants Participate in buying and selling equally.
Spot sales volume peaked on May 28 at $3.1 billion, compared to buy volume at $2.92 billion, indicating mildly bearish sentiment, possibly influenced by BTC price swings dropped to 68,280 USD, as traders took advantage of price fluctuations to sell goods.
Chart comparing intraday spot buying (green) and selling (red) volume of Bitcoin from May 23 to May 29, 2024. Source: Glassnode
Looking at spot volumes across exchanges shows that Binance consistently leads, followed by Bybit and Coinbase. On May 26, Binance had a trading volume of $866.77 million, increasing significantly to $2.23 billion on May 28. Bybit and Coinbase also showed an increase in volume, with Bybit reaching peaked at $1.55 billion on May 27 and Coinbase recorded $774.2 million on May 28.
Chart showing Bitcoin spot trading volume across exchanges from May 26 to May 29, 2024. Source: Glassnode
Volume is significantly higher on Binance, often surpassing the combined volume of both Bybit and Coinbase, likely due to its large user base and low trading fees, making it the preferred exchange for high-volume traders. large amounts.
The balance between buying and selling in the past week shows that the market is indecisive and volatile.
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