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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.

By James Van Straten|Edited by Benjamin Schiller
Jan 23, 2025, 5:19 p.m.
BTC: Futures vs Spot vs ETF Trade Volume (Checkonchain)
BTC: Futures vs Spot vs ETF Trade Volume (Checkonchain)

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 BTC$67,801.44 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.

FuturesSpot market

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As has been typical in crypto markets of late, even the most modest move higher was met with immediate selling.

What to know:

  • The U.S. Supreme Court struck down President Trump's tariffs.
  • The news quickly sent bitcoin higher by about 2% to above $68,000, but the gains proved fleeting, with BTC quickly returning to the $67,000 level.
  • Earlier Friday, U.S. economic data showed slower than expected economic growth alongside higher than hoped inflation.
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