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Bitcoin Trade Volume Wednesday Was One of the Largest Ever
Across ETFs, spot and futures trade, bitcoin combined for $130 billion volume yesterday.
Jan 23, 2025, 5:19 p.m.
What to know:
- Wednesday's total bitcoin trade volume hit $130 billion, one of the highest trading volumes in history.
- ETF volume was around $5 billion
- Futures trade volume also hit one of the highest levels recorded, $110 billion.
Bitcoin continues to trade at record levels.
According to checkonchain data, Wednesday's $130 billion bitcoin volume was one of the highest in its history. Trade volume has soared since President Trump won the U.S. election at the start of November, doubling from a daily average of $65 billion.
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The futures market (the total traded in futures contracts) yesterday saw $110 billion worth of volume. This was the fifth-highest futures trade volume recorded, only bettered on a handful of days in November and December last year.
The spot market saw roughly $15 billion of traded volume, which is approaching an all-time high. Meanwhile, bitcoin ETFs saw around $5 billion worth of trade volume, which is around half the all-time high seen in March 2024.
It is worth noting that options volume has not been included in the $130 billion daily volume figure, but it too is growing rapidly. According to Glassnode data, the total amount of options contracts traded in the last 24 hours is more than $3 billion.
With bitcoin is vying to be a global settlement layer, the more volume and liquidity that can be generated, the greater the asset's chance of onboarding institutions that want to settle in billions of dollars at a moment's notice.
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Traders mull the bottom as bitcoin returns to week's lows below $86,000
One analyst isn't quite ready to call a bottom, but says bitcoin is surely in an oversold condition.
What to know:
- Bitcoin's early rally Wednesday seems a faint memory as the price has returned to the week's lows.
- Precious metals continue to get bid, with silver rushing to yet another new record and gold closing in on an all-time high.
- One analyst cautioned against reading too much into the current bitcoin price action due to year-end positioning and tax considerations.
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