Search Inside Bitcoins

Bitcoin On-Chain Volume Surged In January, Reaching Highest Level Since September 2022

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Bitcoin price
Bitcoin price

Join Our Telegram channel to stay up to date on breaking news coverage

Bitcoin registered on-chain volume for the month of January that was higher than any month since September 2022 and more than triple the amount recorded in September last year, according to data compiled by The Block.

Bitcoin’s increase in volume during January marks the fourth consecutive month of gains, as  the data shows that $1.21 trillion worth of Bitcoin was moved on-chain. This is also the largest amount since BTC was trading at around $20K back in Sept. 2022.  

Bitcoin’s volume in January is also more than 3x the $550 billion worth of BTC that was moved in September last year.

Bitcoin bounces above $43,000, turns positive for 2024

Bitcoin ETF Anticipation Drove Monthly BTC Volumes Above $1 Trillion

Bitcoin was unable to surpass $1 trillion in volume in every month last year except December. The recent break above this threshold could be attributed to the anticipated launch of Bitcoin ETFs (exchange-traded funds) in the U.S, which came to pass on Jan. 11. 

Glassnode analysts also said in a Jan. 30 report that long-term Bitcoin holders currently seem unwilling to part with their coins. Instead, the analysts wrote that these investors “appear to be calmly riding the market waves.”

A Positive Shift In Bitcoin ETF Dynamics

On-chain volume is not the only BTC metric that has risen in January. Asset managers BlackRock and ProShares saw their respective ETFs record trading volumes greater than that of GrayScale’s GBTC fund for the first time since their launch in January. 

On Feb. 1, BlackRock’s IBIT had trading volume of $306 million, while ProShares’ BITO witnessed $298 million of volume. This surpassed GBTC’s $291 million in transactions, according to a CoinDesk report. 

Related Articles:

Most Searched Crypto Launch - Pepe Unchained

Rating

Pepe Unchained
  • Layer 2 Meme Coin Ecosystem
  • Featured in Cointelegraph
  • SolidProof & Coinsult Audited
  • Staking Rewards - pepeunchained.com
  • $10+ Million Raised at ICO - Ends Soon
Pepe Unchained

Join Our Telegram channel to stay up to date on breaking news coverage

Read next

Please enter Coingecko Free Api Key to get this plugin works