Trading activity on Bitcoin (BTC) exchanges spiked massively even as the BTC price was suffering a major correction. According to data from crypto research firm Messari, Bitcoin’s real 24-hour trading volume is about $22.3 billion.
To put this figure in context, Cointelegraph previously reported Bitcoin’s real seven-day trading volume setting a new all-time high of $60 billion. In only one day, exchanges have processed over a third of that sum likely pointing to a new all-time high by the end of the week if the current momentum is sustained.
Despite suffering service disruptions amid the price decline, Coinbase recorded about $3.5 billion in trading volume according to data from crypto analytics provider Skew. In total, Coinbase processed over $9.5 billion in crypto trades on Monday, an all-time high for the exchange.
Indeed, Coinbase’s volume record on Monday exceeds the platform’s total trading activity for the whole of Q1 2019. The figure also surpasses the exchanges Jan. 2020 trading volume total.
Given the swift bounce for Bitcoin from $31,000 to the $35,000 price mark, it is evident that a significant proportion of the trading activity was driven by the BTC buying opportunity below the recent price high.
Indeed, both Messari and Glassnode data show positive net Tether exchange flows indicating a continued appetite for BTC with the price still about $6,000 below its all-time high.
Monday’s trading activity spike also extended to the derivatives market with the Bitcoin options and futures arena seeing massive volumes. Data from Skew puts yesterday’s BTC futures trading volume at over $170 billion.
CME alone nearly eclipsed the $5 billion trading mark setting a new 24-hour volume record. Bitcoin options volume crossed the $2 billion mark on Monday, as well.
Meanwhile, some analysts say Monday’s dip was a “healthy and necessary” correction. While still only early days in 2021, BTC is up about 23% year-to-date.