Layer 1s • February 4, 2024, 5:27 PM EST
Published 1 minute earlier At
After four months of gains in transaction volume, $1.21 trillion worth of Bitcoin moved on-chain in January 2024. That's the most value moved on-chain since September 2022, when the price of Bitcoin was around $20,000, according to data from The Block.
The fact that Bitcoin failed to exceed $1 trillion in volume in any month of 2023 except December and Bitcoin's record-low active supply suggest that traders are eagerly awaiting the spot approval of the Bitcoin ETF . Now that these ETFs have finally been approved, transaction volumes appear to be increasing accordingly. In fact, January was the fourth consecutive month of volume increases, after only moving $550 billion in volume in September 2023.
According to analysts at Glassnode, long-term Bitcoin holders currently appear unwilling to part with their coins, but instead “seem to be calmly riding the market waves.” According to data from The Block, monthly transactions on the Bitcoin network actually decreased between December 2023 and January 2024.
Disclaimer: The Block is an independent media company providing news, research and data. As of November 2023, Foresight Ventures has been the majority investor in The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The block continues to operate independently to provide objective, meaningful and timely information about the crypto industry. Here you will find our current financial reports.
© 2023 The Block. All rights reserved. This article is for informational purposes only. It is not offered or intended to constitute legal, tax, investment, financial or other advice.
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