Share this article
Bitcoin Trading Volume Tumbles After Record May; Demand Withers With Price
“Traders have certainly lost the appetite for bitcoin in this uncertain market environment,” Arcane Research wrote in a report.
Updated Sep 14, 2021, 1:09 p.m. Published Jun 9, 2021, 7:51 p.m.
Bitcoin trading volumes have tumbled this month by 47% from May’s record level, in a bleak turn of events for the digital-asset industry as cryptocurrency prices retreat.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
A daily average of $34.8 billion of bitcoin has changed hands in the first eight days of June, compared with the unprecedented $67 billion charted last month, based on data from CoinDesk Research. The June average so far is the lowest for any month since December.
“Traders have certainly lost the appetite for bitcoin in this uncertain market environment,” the Norwegian cryptocurrency analysis firm Arcane Research wrote Tuesday in a report.
The drop in trading volumes could have implications for cryptocurrency exchanges, which derive revenue from handling the transactions. The big U.S. exchange Coinbase’s stock price is down by 31% since it listed on April 14.
“The big price crash in May and Elon Musk’s tweets really drove trading activity, making May a high-comp month,” said John Todaro, vice president of crypto asset and blockchain research at Needham & Company, referring to the CEO of Tesla.
Since the transaction volume is quoted in dollars rather than the number of BTC, the past month’s price drop by itself was a contributing factor, in addition to any waning in interest on the part of traders.
Read more: Bitcoin Futures Market in Capitulation Mode as Traders Turn Bearish
Todaro said the cryptocurrency will likely pick back up, and that June could end up coming in line with previous months like March and April in terms of trading activity.
On Wednesday, the price of bitcoin jumped the most in two weeks. The cryptocurrency was changing hands near $36,500 at press time, up from $31,000 where it traded late Tuesday.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- 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.
More For You
Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
Top Stories
