Bitcoin trading volume reached its lowest level in nearly five years in August. This is evidenced by data from the CryptoQuant platform.
Daily trading volume on all major exchanges fell to 129,307 BTC. It had previously fallen to 112,317 BTC on August 12. Bitcoin volume is now about 94% below its March high, which reached 3.5 million BTC.
“Trading volumes are down on a bearish trend as retail investors exit,” explains CryptoQuant’s head of research Julio Moreno.
According to CoinMetrics, the price of bitcoin has risen 57% in a year and is hovering around $26100.
US regulatory action against cryptocurrency companies has alienated market makers and traders