Volume of Bitcoin Trading in the First Half of 2023 Exceeds $4.2T
The rally of Bitcoin has been primarily driven by increased institutional interest.
Data from Bitcoinity.org showed a trading volume of $4.2 trillion is the first half of 2023, with a peak of activity in March, reaching 1.2 trillion dollars.
This switch from the bearish trend seen in 2022 marks a massive shift in the market, as trading funds have grown eager to invest in bitcoin-ETF exchange-traded crypto funds.
By July, the calculation of BTCs that had not been moved in more than a year has hit a new high of 13.4 million, according to Glassnode.
These figures along with the previous peak of 31,500 dollars in June suggest that the market is set to stay relatively high, as panic sales are not dominating the landscape, as those who hold BTC for longer over 12 months are maintaining a firm grip on the market.
