Data shows the Bitcoin trading volume has declined by 38% since the highs in September as a result of the boring price action in the crypto.
Bitcoin Spot Trading Volume Has Plunged Down In Recent Days
As per the latest weekly report from Arcane Research, the current 7-day average BTC spot volumes are down to just around $7.9 billion.
The “daily trading volume” is an indicator that measures the total amount of Bitcoin being transacted in the spot markets on any given day.
When the value of this metric is high, it means the market is active right now as investors are moving around a large number of coins on spot exchanges.
On the other hand, low volumes suggest the BTC spot market is inactive at the moment. Such values of the indicator, when persisting, can imply that the general interest around the crypto among traders is low currently.
Now, here is a chart that shows the trend in the 7-day average daily Bitcoin trading volumes over the past year:
The 7-day average value of the metric seems to have been going down in recent days Source: BTCUSD on TradingView
Bitcoin has been consolidating for several weeks now with the price trapped between the $19k and $20k levels, with only a couple of dips below the former mark. Currently, it’s unclear when this boring market might come to an end.
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Arcane Research
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