Research highlights “very low” activity
Analysis of various platforms’ trading volumes by exchange eToro’s senior market strategist Mati Greenspan on Oct. 15 revealed cryptocurrency markets had all but bottomed out in terms of activity.
From a peak of around $4 billion per day several months ago, Bitcoin (BTC) now sees less than $200 million change hands, he said referencing data from research outlet Messari.
Binance sets unlikely $700 million record
The downtrend follows fresh losses across crypto assets in recent weeks. As Cointelegraph reported, Bitcoin remains down around 20% versus levels several weeks ago.
Binance Bitcoin futures trading volume. Source: Skew Markets, Twitter
Despite the difficult conditions, not every business appears equally affected. As analyst Skew Markets noted on Twitter, Binance’s futures product in fact set a new daily trading volume record on Tuesday.
Skew previously noted last Saturday was a particularly slow day for BitMEX — its volumes dipping to $1 billion versus $14 billion highs in late June.