Record Drop in Bitcoin's Transaction Volume: Spot Market Remained Calm
The transaction volume of the largest cryptocurrency Bitcoin (BTC) has fallen to levels last seen in 2023.
According to Santiment data, Bitcoin's transaction volume dropped below 9 billion dollars last day. The last time this happened was in 2023 when the Bitcoin price was below $30,000.
Only 722 thousand Bitcoins were transferred in seven days. In October 2023, when Bitcoin was traded at half the price compared to the current price, 1.79 million BTC was transferred.
A transaction volume of $1.73 billion was recorded in spot Bitcoin ETFs traded in the USA on May 31. The seven-day trading volume of ETFs was approximately $12 billion.
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