Bitcoin Volume 6.2x Less Than 2021 Peak Despite Comparable Prices: Data
Summary
Bitcoin's transfer volume remains low compared to the 2021 bull run, reaching a high of $118 billion in the current rally, only 16% of the previous peak. Despite setting a new price all-time high, the demand for trading on the network is much lower. The presence of Bitcoin spot exchange-traded funds (ETFs) may be a factor, as these new investors are not actively participating in on-chain transactions. This off-chain demand does not reflect in the transfer volume. Bitcoin's price recently reached above $69,000 but has since dropped to around $66,600.
