Spot Bitcoin Trading Volumes Remain Weak – A Threat to the BTC Bull Market Thesis?
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After hitting their highest levels last month since the aftermath of the FTX cryptocurrency exchange collapse last November thanks to significant volatility and zero trading fees on BTC pairs on Binance, spot Bitcoin trading volumes have fallen significantly.
According to data pulled from CoinGecko’s API, spot Bitcoin trading volumes across major exchanges were around $16.4 billion on Friday.
That compares to close to $70 billion this time last month.
And it's not just spot volumes that have weakened recently.
According to data presented by crypto analytics website The Block, mid-way through April, Bitcoin futures trading volume have only reached around $350 billion month-to-date.
For the full month of March, Bitcoin futures trading volumes were around $1.3 trillion.
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