Bitcoin ETF Listings Revitalized the Market: Volume Tripled in January

Spot Bitcoin ETF approvals and the patience of long-term investors revitalized the market. In January 2024, Bitcoin recorded its highest volume since September 2022, reaching a record $1.21 trillion.

Bitcoin recorded its highest monthly on-chain volume since September 2022. In January 2024, Bitcoin’s transaction volume saw a significant increase, reaching a value of $1.21 trillion. This figure has been identified as the highest value moved on the chain since September 2022, when the Bitcoin price was around $20,000.

Except for the past December, Bitcoin struggled to surpass the $1 trillion volume throughout 2023. However, this tough resistance was broken in January 2024. Following a recorded volume of only $550 billion in September 2023, January became the consecutive fourth month of volume increase.

Furthermore, according to Glassnode analysts, long-term Bitcoin holders are not keen on disposing of their cryptocurrencies under current market conditions. Instead, they want to make the best of the current situation. Interestingly, despite a decrease in monthly transactions on the Bitcoin network between December 2023 and January 2024, this did not prevent the overall volume increase.

Source: The Block

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