While cryptocurrency markets saw a loss of value reaching 17% in April, it was noted that the transaction volume decreased significantly in this period.
Crypto asset data company CCData reported that the crypto market fell to its lowest trading volume in the last 7 months in April. According to CCData data, volume in the spot and futures crypto markets decreased by 43.8% last month and reached $6.58 trillion. The transaction volume was recorded as 9.12 trillion dollars in March, when the market increased by an average of 20%.
The report emphasized that the decrease in transaction volume was mainly caused by the futures markets. Accordingly, the volume in crypto futures and options transactions decreased by 47.6%, while the volume of spot transactions decreased by 32.6%.
CCData analysts attributed the decline in interest in the crypto market to the weakening in US spot Bitcoin ETF transactions, combined with geopolitical risks that increased due to the rise in tensions in the Middle East last month. In addition, macroeconomic data that present global uncertainty are among the factors that reduce risk appetite.
Bitcoin dropped from record high to below $60,000
The decline in transaction volumes and the weakening of the buyer side had an extremely negative impact on Bitcoin, which dominated the market. After setting a new record level of $73,721 in March, Bitcoin entered a gradual decline with the acceleration of sales due to non-sectoral dynamics.
In this process, Bitcoin fell to $ 56,550 at the beginning of May, falling to its lowest level in the last 2 months. Spot ETF transactions, which have had an impact on the Bitcoin price in recent months, also began to weaken in this process. Reports last month showed that BlackRock, the most popular investment fund in the spot Bitcoin ETF market, remained active for 4 trading days and then recorded fund outflows.
Trading volumes show weakening demand for crypto markets
Although the cryptocurrency markets partially recovered in the first week of May with reaction purchases from the bottom levels, transaction volumes are not yet strong enough to support a clear rise. While the total cryptocurrency market value stands at $2.25 trillion today, the average transaction volume in the last 24 hours is around $63 billion.
The cryptocurrency markets fear and risk appetite index has decreased since March and has fallen from the extreme risk appetite zone to the neutral zone.
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