Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
January saw Bitcoin's highest monthly volume since September 2022

January saw Bitcoin's highest monthly volume since September 2022

The Block2024/02/04 22:29
By: The Block
BTC-0.10%
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.
January saw Bitcoin's highest monthly volume since September 2022 image 0

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.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Trending news

More
1
DeFi Tops $300B TVL; Chainlink May Help Drive Institutional Adoption
2
Bitcoin May Remain Range-Bound Near $115,500–$116,500 as No Reversal Signals Emerge

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,894.3
-0.04%
Ethereum
Ethereum
ETH
$4,664.85
+0.19%
XRP
XRP
XRP
$3.12
+0.73%
Tether USDt
Tether USDt
USDT
$1
-0.02%
Solana
Solana
SOL
$240.08
+0.03%
BNB
BNB
BNB
$932.79
+0.99%
USDC
USDC
USDC
$0.9998
+0.01%
Dogecoin
Dogecoin
DOGE
$0.2897
+6.47%
Cardano
Cardano
ADA
$0.9295
+2.78%
TRON
TRON
TRX
$0.3495
-0.38%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter