Average daily bitcoin trading volume in June was down 47% from a record high in May.
In June, the average volume of transactions with bitcoin per day was $ 34.8 billion, while in May this figure reached a record $ 67 billion per day. So far, the average daily Bitcoin trading volume is the lowest since December last year.
“Traders have definitely lost their appetite for bitcoin amid the current volatile market environment,” Arcane Research analysts said in their report.
The decline in trading volume also affects the income of cryptocurrency exchanges. For example, since April 14, when Coinbase began trading on the Nasdaq stock exchange, the value of these securities has decreased by 31%.
“The price crash in May and Elon Musk’s Twitter posts really boosted trading activity, making May a record month,” said John Todaro, vice president of crypto assets and blockchain research at Needham & Compay.
Todaro noted that there is nothing surprising in some decrease in activity. However, he expects trading volumes to level out by the end of the month and reach the April and March levels.
Recall that May was the first month in history when the trading volume on cryptocurrency exchanges exceeded $ 2 trillion per month.