Trading activity on the Bitcoin (BTC) exchanges increased massively, although the BTC price was corrected heavily. According to crypto research firm Messari, the real 24-hour trading volume of Bitcoin is around $ 22.3 billion.
To put that number into context, Cointelegraph previously reported that the real 7-day trading volume of Bitcoin had hit a new all-time high of $ 60 billion. In just one day, the exchanges processed more than a third of that amount, which is likely to point to a new all-time high by the end of the week if current momentum continues.
Despite the operational disruptions due to the drop in prices, Coinbase recorded a trading volume of around $ 3.5 billion, according to data from cryptanalysis provider Skew. In total, Coinbase completed over $ 9.5 billion worth of crypto trades on Monday, an all-time high for the exchange.
In fact, Coinbase’s volume record on Monday exceeded the platform’s total trading activity for the entire first quarter of 2019. That number also exceeded the exchanges’ trading volume in January 2020.
Given Bitcoin’s rapid rebound from $ 31,000 to $ 35,000, it is evident that a significant amount of trading activity was driven by the BTC buying opportunity below its recent price spike.
In fact, both Messari and Glassnode data show positive net tether AC currents, indicating a lingering appetite for BTC, with the price still about $ 6,000 below its all-time high.
Monday’s surge in trading activity also expanded into the derivatives market, with bitcoin options and the futures arena seeing massive volume. Data from Skew predicts trading volumes in BTC futures of over $ 170 billion yesterday.
CME alone almost surpassed the $ 5 billion mark, setting a new 24-hour volume record. The volume of Bitcoin options also passed the $ 2 billion mark on Monday.
Meanwhile, some analysts say Monday’s decline was a “healthy and necessary” correction. While BTC was only just beginning in 2021, it has risen 23% since the start of the year.