Lately bitcoin purchases exceed $6 billion a day

Despite the current bearish period in the bitcoin market, growing daily volumes are being recorded above USD 6 billion per day, according to Glassnode's most recent report, published this Monday, January 31.

Within the growing trend of volumes traded since October 2020, the magnitude of transactions has been increasing from USD 100,000, towards institutional investments now exceeding USD 1 million.

Transactions over $1 million account for 70% of total volume. The report notes, while transactions over USD 10 million account for 40% of the total.

Floor traded volume on the rise

Except for an abrupt rise in bitcoin traded volume that peaked at USD 10 billion in January 2018, the magnitudes remained below USD 4 billion until January 2021.

As shown in the graph below, the volume traded peaked above USD 10 billion on two occasions in 2021, although the amounts traded declined at the end of that year.

Volume lows remain in line with an increasing trend since September 2020, while the last few days have seen significant growth, from USD 4 billion to USD 6 billion.

Million-dollar transactions on the rise

As can be seen in the graph below, the volume corresponding to transactions above USD 1 million (shaded in green) has been growing steadily since October 2020 and exceeded 60% of the total volume in January 2021. During January 2022, this volume increased to over 70% of total transactions in the last few days.

On the other hand, transactions above USD 10 million (light blue) currently comprise 45% of settled volume.

Glassnode's previous report highlights that in the correction initiated after the November 2021 all-time high, bitcoin's price declined last week to 50% below that high, as reported by CryptoNews. However, last week closed with a 5% rally, after the third week of January represented a 15% pullback in price.

Posted Using LeoFinance ^Beta