{"id":552687,"date":"2023-09-24T13:50:50","date_gmt":"2023-09-24T13:50:50","guid":{"rendered":"https:\/\/uniquehot.com\/?p=552687"},"modified":"2023-09-24T13:06:20","modified_gmt":"2023-09-24T13:06:20","slug":"what-the-drop-in-spot-and-derivatives-volumes-means-for-the-price-of-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/what-the-drop-in-spot-and-derivatives-volumes-means-for-the-price-of-bitcoin\/","title":{"rendered":"What The Drop In Spot And Derivatives Volumes Means For The Price Of Bitcoin"},"content":{"rendered":"

It has been a quiet week of caution for Bitcoin traders in terms of price action. This caution has trickled into trading volume in particular, as volumes on major crypto exchanges for both spot Bitcoin trading and Bitcoin derivatives have fallen far below their levels at the beginning of the year. <\/span><\/p>\n

On-chain data from <\/span>CryptoQuant <\/span><\/a>charts have shown the daily spot and derivatives trading volume of Bitcoin has been steadily declining since the first quarter of the year. The question is, what does this collapse in trading volumes mean for the future price of Bitcoin?<\/span><\/p>\n

Related Reading: Polkadot Cross-Chain Bid Takes Flight As DOT Battles Uncertainty<\/a><\/div>\n

Decline In Trading Volumes\u00a0<\/b><\/h2>\n

Trading volumes this year have declined significantly from their highs in March during the <\/span>Silicon Valley Bank<\/span><\/a> fiasco. Since this period, the derivatives or futures market has fallen 96% and the spot market has fallen 98%.<\/span><\/p>\n

Bitcoin trading in particular, has been down by a significant margin the past week. Data from CoinMarketCap has shown Bitcoin spot trading volume has decreased by 33.67% in a 24-hour timeframe. Similarly, the spot exchange trade volume was shown by CryptoQuant data to be 9,627, down 81% from 50,692 at the beginning of the week. <\/span><\/p>\n

The situation looks even more glaring when you consider falling derivatives volumes as well. On-chain data collected by CryptoQuant indicates that the derivatives trade volume is currently at 108,852. This represents a decrease of 88% from the volume of 950,331 at the beginning of the week.<\/span><\/p>\n

<\/p>\n

The market cap of cryptocurrencies is currently at $1.03 trillion. Chart: TradingView.com<\/a><\/pre>\n
What Does This Mean For The Price Of Bitcoin?<\/b><\/h2>\n
When activity in these markets dwindles, it signals a lack of interest from institutional traders and retail investors. With interest seeming to wane, the next few weeks could determine Bitcoin’s near-term direction. As the largest cryptocurrency in the world, this could also determine the direction of the majority of the crypto market.<\/span><\/p>\n
At the time of writing, Bitcoin is trading at $26,556. Without much trading activity to drive prices up, Bitcoin could continue trading sideways or even face downward pressure. The next major support for Bitcoin is at $25,000, and a fall below this price could indicate a prolonged bearish trend with increased selling pressure.\u00a0<\/span><\/p>\n
Related Reading: XRP Forecast: Is A Retreat Below $0.5 Likely Before October?<\/a><\/div>\n
Another way this could go is the lower price eventually leading to higher volumes again as investors see an opportunity to buy. <\/span>According to a social media post<\/span><\/a> by crypto analyst Captain Faibik, Bitcoin could reach as low as $23,000 in October before breaking out to reach $34,500 by early next year. <\/span><\/p>\n
Similarly, Didar Bekbauov, founder and CEO of Bitcoin joint mining business Xive, stated that the price of Bitcoin <\/span>could soar past the year-to-date<\/span><\/a> (YTD) price of $31,700 while speaking to Bitcoinist.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from iStock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
It has been a quiet week of caution for Bitcoin traders in terms of price action. This caution has trickled into trading volume in particular, as volumes on major crypto exchanges for both spot Bitcoin trading and Bitcoin derivatives have fallen far below their levels at the beginning of the year. On-chain data from CryptoQuant charts have shown the daily spot and derivatives trading volume of Bitcoin has been steadily declining since the first quarter of the year. The question is, what does this collapse in trading volumes mean for the future price of Bitcoin? Related Reading: Polkadot Cross-Chain Bid Takes Flight As DOT Battles Uncertainty Decline In Trading Volumes\u00a0 Trading volumes this year have declined significantly from their highs in March during the Silicon Valley Bank fiasco. Since this period, the derivatives or futures market has fallen 96% and the spot market has fallen 98%. Bitcoin trading in particular, has been down by a significant margin the past week. Data from CoinMarketCap has shown Bitcoin spot trading volume has decreased by 33.67% in a 24-hour timeframe. Similarly, the spot exchange trade volume was shown by CryptoQuant data to be 9,627, down 81% from 50,692 at the beginning of the week. The situation looks even more glaring when you consider falling derivatives volumes as well. On-chain data collected by CryptoQuant indicates that the derivatives trade volume is currently at 108,852. This represents a decrease of 88% from the volume of 950,331 at the beginning of the week. The market cap of cryptocurrencies is currently at $1.03 trillion. Chart: TradingView.com What Does This Mean For The Price Of Bitcoin? When activity in these markets dwindles, it signals a lack of interest from institutional traders and retail investors. With interest seeming to wane, the next few weeks could determine Bitcoin’s near-term direction. As the largest cryptocurrency in the world, this could also determine the direction of the majority of the crypto market. At the time of writing, Bitcoin is trading at $26,556. Without much trading activity to drive prices up, Bitcoin could continue trading sideways or even face downward pressure. The next major support for Bitcoin is at $25,000, and a fall below this price could indicate a prolonged bearish trend with increased selling pressure.\u00a0 Related Reading: XRP Forecast: Is A Retreat Below $0.5 Likely Before October? Another way this could go is the lower price eventually leading to higher volumes again as investors see an opportunity to buy. According to a social media post by crypto analyst Captain Faibik, Bitcoin could reach as low as $23,000 in October before breaking out to reach $34,500 by early next year. Similarly, Didar Bekbauov, founder and CEO of Bitcoin joint mining business Xive, stated that the price of Bitcoin could soar past the year-to-date (YTD) price of $31,700 while speaking to Bitcoinist. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from iStock<\/p>\n","protected":false},"author":594,"featured_media":552688,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[515,86326,1144,4195],"class_list":["post-552687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-derivative","tag-bitcoin-spot-etf","tag-btcusd","tag-trading-volume"],"acf":[],"yoast_head":"\nWhat The Drop In Spot And Derivatives Volumes Means For The Price Of Bitcoin<\/title>\n<meta name=\"description\" content=\"It has been a quiet week of caution for Bitcoin traders in terms of price action. 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"What The Drop In Spot And Derivatives Volumes Means For The Price Of Bitcoin","url":"http:\/\/uniquehot.com\/news\/what-the-drop-in-spot-and-derivatives-volumes-means-for-the-price-of-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/what-the-drop-in-spot-and-derivatives-volumes-means-for-the-price-of-bitcoin\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/a-11.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/a-11.jpg?fit=2121%2C1414"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin derivative","bitcoin spot etf","btcusd","trading volume"],"dateCreated":"2023-09-24T13:50:50Z","datePublished":"2023-09-24T13:50:50Z","dateModified":"2023-09-24T13:50:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"What The Drop In Spot And Derivatives Volumes Means For The Price Of Bitcoin\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/what-the-drop-in-spot-and-derivatives-volumes-means-for-the-price-of-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/what-the-drop-in-spot-and-derivatives-volumes-means-for-the-price-of-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-11.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-11.jpg?fit=2121%2C1414\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin derivative\",\"bitcoin spot etf\",\"btcusd\",\"trading volume\"],\"dateCreated\":\"2023-09-24T13:50:50Z\",\"datePublished\":\"2023-09-24T13:50:50Z\",\"dateModified\":\"2023-09-24T13:50:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/a-11.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552687"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=552687"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/552688"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=552687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=552687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=552687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}