The cryptocurrency spot trading volume has decreased from 19.4 billion dollars to 14.2 billion dollars

2023-07-10 07:46:26

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ChainCatcher news, according to The Block data, the 7-day moving average of daily cryptocurrency trading volume has decreased from a recent high of $19.4 billion on June 27 to $14.2 billion on July 8. The figure was slightly above $15 billion on Friday. According to analysis by The Block Research, the rebound driven by spot Bitcoin exchange-traded funds has stopped translating into an increase in cryptocurrency trading volume.

Meanwhile, Bitcoin's price has remained relatively stable during the same period. The sluggish activity in spot exchange cryptocurrency trading may indicate that activity has shifted to derivatives or over-the-counter trading. Since BlackRock submitted its application for a spot Bitcoin ETF on June 15, the price of Bitcoin has risen by more than 18%. The open interest in CME's Bitcoin futures market has reached $2.7 billion.

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