Analysis of various platforms’ trading volumes by exchange eToro’s senior market strategist Mati Greenspan on Oct. 15 revealed cryptocurrency markets had all but bottomed out in terms of activity.
From a peak of around $4 billion per day several months ago, Bitcoin (BTC) now sees less than $200 million change hands, he said referencing data from research outlet Messari.
Other players told a similar story, including derivatives giant BitMEX and P2P exchange Localbitcoins.
Futures providers likewise have not escaped; both CME Group and newly-launched Bakkt continue to see what Greenspan describes as “very low” activity.
Binance sets unlikely $700 million record
The downtrend follows fresh losses across crypto assets in recent weeks. As Cointelegraph reported, Bitcoin remains down around 20% versus levels several weeks ago.
Binance Bitcoin futures trading volume. Source: Skew Markets, Twitter
Despite the difficult conditions, not every business appears equally affected. As analyst Skew Markets noted on Twitter, Binance’s futures product in fact set a new daily trading volume record on Tuesday.
More than $700 million of activity occurred on its BTC/USD futures product, making it the third most traded behind Huobi and BitMEX’s offerings. By comparison, Bakkt managed 10 BTC ($81,000).
Skew previously noted last Saturday was a particularly slow day for BITMEX — its volumes dipping to $1 billion versus $14 billion highs in late June.
