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Bitcoin Trading Volume Surged to $2.8T in January to August Period
The rise in crypto volatility has been accompanied by increased market participation in the bitcoin market, Kaiko said.
Updated Sep 10, 2024, 5:20 p.m. Published Sep 10, 2024, 6:54 a.m.
- BTC's cumulative volume in the first eight months amounts to $2.87 trillion.
- It's a sign of increased market participation due to crypto and macro-specific uncertainty.
The bitcoin market reached unprecedented activity in the first eight months of 2024, surpassing the record notional trading volume seen during the bull market of 2021.
The cumulative trading volume or the dollar value of the number of BTC bought and sold on centralized exchanges amounted to $2.874 trillion in the first eight months, according to Paris-based data provider Kaiko.
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That's nearly 20% higher than the volume of $2.424 billion registered in the first eight months of 2021 and the highest since 2012.
"The rise in crypto volatility has been accompanied by increased market participation, at least in the bitcoin market," Kaiko said in the weekly report, discussing the record-setting trading volume.
Data from charting platform TradingView show bitcoin's 10-day realized or historical volatility surged to an annualized 100% in April as strong inflows into the U.S.-listed spot exchange-traded funds (ETFs) and expectations for Fed rate cuts drove the cryptocurrency's price to record highs above $70,000.
The volatility picked up again early last month as concerns about the U.S. economy and the unwinding of the yen carry trade destabilized risk assets, including cryptocurrencies.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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