Digital currency markets have slipped significantly in value during the last two weeks and the lower prices have not sparked higher trade volumes. Data shows cryptocurrency spot market volume has slipped from $1.4 trillion in November 2021, to this month’s $593 billion in volume. Bitcoin futures open interest and volumes have dropped considerably over the last two months as well.
Crypto Volumes Slide Month-Over-Month Since November
When crypto markets shed significant value, traders typically look to see if trade volume increases in order to support the current prices. Since a number of coins tapped all-time high prices during the second week of November, crypto spot market volume has continued to slide.
Data from theblockcrypto.com’s exchange volume dashboard, which sources data from cryptocompare.com metrics, indicates spot market volume has fallen month-over-month since November.
While November saw $1.4 trillion, December saw a recorded $1.04 trillion. While data is incomplete for the month of January 2022, so far $593 billion in volume has been settled.
Even though November’s spot market volume was larger than December’s and the three weeks of January, the $2.23 trillion in volume recorded in May 2021 was double the size. Daily exchange volume has followed the same pattern as daily crypto trade volumes are lower than they were two months ago.
On November 2, 2021, $53.27 billion was settled that day, while data from January 22, 2022, shows $24.65 billion. While monthly and daily crypto-asset spot market volumes have dipped, the same can be said for derivatives markets like futures and options.
When BTC tapped an all-time price high on November 10, 2021, the following day $28 billion in bitcoin futures open interest was recorded. January 22 metrics indicate $14.64 billion
