Amidst a climate of macroeconomic uncertainty, Bitcoin (BTC) exchanges have seen a significant decrease in trading volume. This decline has been observed over the past few months, with daily BTC volumes reaching lows not seen since 2018, according to research published by on-chain analytics platform CryptoQuant on September 25, 2023.
The analysis highlighted that daily BTC spot exchange transactions ranged between 8,000 and 15,000 in the past week, a stark contrast to the average March daily tally, which exceeded 600,000. The drop in volume coincides with Bitcoin price action remaining within a familiar range for several months.
