Trading volumes on crypto exchanges fell by 40% over the past few weeks, according to Arcane Research analysts.
The chart below shows a rapid rise in BTC/USD trading on exchanges through October–November, followed by a sharp drop in the metric.
Trading-volume dynamics on exchanges with relatively real trading volumes. Data: Arcane Research, Messari, Skew.
Are retail traders on spot exchanges exhausted, or have they simply paused ahead of a Bitcoin rally?
In early December, the correlation between Bitcoin and gold and other traditional-market assets declined significantly.
Data: Arcane Research.
“For 2020, a high correlation between Bitcoin, the stock market and other asset classes was characteristic. However, in recent months the correlation of digital gold with the S&P 500 and gold itself has fallen significantly,” the experts noted.
Currently, Bitcoin’s correlation with the “barometer of the US economy” is the lowest since the March crash.
In late November, spot trading volume on Bitcoin hit a yearly high.
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