Total trading volume of BTC and ETH drops to its lowest in 4 years

From May 10 to May 17, BTC trades amounted to $1,45 billion, and ETH — $4,62 billion

23.05.2023 - 11:30

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2 min

What’s new? Analysts at analytics firm Santiment have recorded historically low levels of weekly trading volume for the largest digital assets by capitalization. “When combining just BTC & ETH volume, this is the 2nd lowest threshold we are seeing since September, 2019,” Santiment said. According to published data, for the week of May 10-17, BTC trading volumes totaled $11,45 billion, and ETH trading volumes totaled $4,62 billion.

📉 The largest assets in #crypto are seeing historically low levels of weekly trading volume. #Altcoin volume, in particular, has really dried up. When combining just $BTC & $ETH volume, this is the 2nd lowest threshold we are seeing since September, 2019. https://t.co/1V2tPno7jD pic.twitter.com/tegItbDuen — Santiment (@santimentfeed) May 22, 2023

What else is known? Analysts have pointed out that a significant decrease in bitcoin trading volume is observed against the background of the growth of its rate, which began in March, then for a few days the asset rose in price from $19 700 to $28 800.

Earlier, Santiment noted the decline in the number of BTC and ETH on centralized exchanges (CEXs). On May 20, only 5,7% of the BTC issuance was listed on the platforms, a low of December 2017. Ethereum’s performance dropped to 10,1%, the lowest since the project launched in 2015. According to analysts, this may indicate the imminent start of a new bull cycle.

Earlier in May, analysts at The Block recorded a drop in the number of active addresses on the Bitcoin network to its lowest level since July 2021.

As of May 23, 10:45 UTC, bitcoin is trading at $27 302 on Binance, having added 1,76% in 24 hours. The cost of Ethereum is $1855 (+2,07%).

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