January saw Bitcoin's highest monthly volume since September 2022
Quick Take Bitcoin’s on-chain volume for the month of January 2024 was higher than any month since September 2022, and more than triple September 2023, according to data from The Block.
Following four months of gains in transaction volume, $1.21 trillion worth of Bitcoin BTC -0.84% was moved on-chain during the month of January 2024. That's the largest amount of value moved on-chain since September 2022, when the price of Bitcoin was around $20,000, according to data from The Block.
The fact that Bitcoin failed to surpass $1 trillion volume in every month of 2023 except December, and Bitcoin's record-breaking low active supply , points to traders eagerly awaiting spot Bitcoin ETF approval. With those ETFs finally approved, transaction volume appears to be increasing to match. In fact, January marked the fourth straight month of volume increases after only $550 billion in volume was moved in September 2023.
According to Glassnode analysts, long-term Bitcoin holders seem unwilling to part with their coins at this time, and instead, "appear to be calmly riding the market waves." Indeed, monthly transactions on the Bitcoin network actually fell between December 2023 and January 2024, according to data from The Block.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin due 2026 bottom as exchange volumes grind lower: Analysis
samczsun: The Key to Crypto Protocol Security Lies in Proactive Re-Auditing
Bug bounty programs are passive measures, while security protection requires proactive advancement.
Millennials with the most cryptocurrency holdings are reaching the peak of divorce, but the law is not yet prepared.
The biggest problem faced by most parties is that they have no idea their spouse holds cryptocurrency.
Using "zero fees" as a gimmick, is Lighter's actual cost 5–10 times higher?
What standard accounts receive from Lighter is not free trading, but rather slower transactions. This delay is turned into a source of profit by faster participants.
Trending news
MoreCrypto prices
More
