The weekly trading volume of bitcoin has reached a new record in the run to $40,000. The volume exceeded the previous record by a full 100%.
On 7 January, Mati Greenpan, the founder of Quantum Economics, published a chart showing the huge increase. In total, more than $60 billion worth of bitcoin went back and forth last week.
The bitcoin real-volume metric of Messari
This is the so-called real-volume metric of Messari. In the past, exchanges were often suspected of faking their respective trading volumes.
The real-volume metric only publishes the volumes of the exchanges Bitcoin Code identified by Messari as reliable. These are Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken and Poloniex.
Many Asian exchanges that are included in the metric are corrected downwards. This way they know for sure that they do not overestimate the volume of trade.
The previous record in trading volume
The previous record of bitcoin in terms of weekly trading volume was set in the summer of 2019. At that time the weekly trading volume exceeded $32 billion.
This happened shortly after bitcoin crept back above $10,000 after falling back below $4,000 earlier that year.
Other platforms also report that bitcoin has set a new record in trading volume. CoinMarketCap estimates that over $85 billion worth of bitcoin has been traded in the last 24 hours alone. A big difference with Messari.
CoinGecko is closer to CoinMarketCap and estimates the daily trading volume at $77 billion. According to Skew, trading in bitcoin futures is also booming. The company says it has seen a volume of $97 billion in the last 24 hours.
Mati Greenspan calls the trading volumes we currently see for bitcoin monstrous. They have already risen significantly in recent months and the volume is many times higher than during the rallies in 2017 and 2019.