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Bitcoin Trading Volume Excluding Binance Remains At Yearly Lows | Bitcoinist.com – Bitcoinist

Data shows the Bitcoin trading volume on exchanges other than Binance has recently been near the yearly lows reached in April.
According to the latest weekly report from Arcane Research, while the daily total spot volume averaged to $8 billion during the last week, this value is inflated because of Binance.
The “daily trading volume” is an indicator that measures the total amount of Bitcoin that was transacted on the spot markets on any given day.
When the value of this metric is high, it means there is a large number of coins being moved around on exchanges right now. Such a trend shows the general interest in trading the crypto is significant currently as investors are being quite active.
On the other hand, low values of the indicator suggest that there is not much activity going on in the market right now. This kind of trend can be a sign of low interest around the crypto among traders.
Now, here is a chart that shows the trend in the Bitcoin daily spot trading volume over the past year:
Bitcoin Trading Volume
As you can see in the above graph, both the Bitcoin daily trading volumes for the crypto exchange Binance and for the rest of the market are shown.
The total spot volumes in the entire market had a pretty large value during the past week as the daily value averaged around $8 billion, significantly more than the usual for the first half of this year.
However, much of this volume came from a single exchange, Binance. The reason behind the platform observing such large values is the fee removal on certain BTC trading pairs that went live a while back.
The report notes that the fee removal has lead to high-volume trading strategies becoming economically viable, hence likely leading to the exchange seeing growing inorganic activity.
Because of this, the volume of the rest of the market is a more apt representation of the real activity of the crypto. As is apparent from the chart, this volume has been sitting around the same yearly lows as those seen back in April.
At the time of writing, Bitcoin’s price floats around $20.4k, down 5% in the past week. Over the last month, the crypto has lost 14% in value.
Bitcoin Price Chart
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He is well known among his circle for his incredible attraction towards smartphones and tablets. Charles is a python programmer and also a part-time Android App developer.