In the last 4 months, Bitcoin’s on-chain volume has been consistently increasing and reached its all-time high in January. With a value of 1.2 trillion dollars, BTC has reached the highest figure ever recorded, representing the largest increase since 2022. Additionally, this January figure has tripled the September 2023 level.
Throughout 2023, Bitcoin, not exceeding 1 trillion dollars on a monthly basis, reversed this trend in December and showed significant performance in January. The volume of the largest cryptocurrency reached 1.21 trillion dollars last month, marking an impressive increase.
Rises with ETF Approval
While experts indicate that the bear market effects of 2022 are still noticeably present in 2023, it is observed that Bitcoin’s transaction volume exceeded 1 trillion dollars, especially in December. This situation is associated with the expectations of Exchange Traded Funds (ETFs), and the continuation of the volume increase trend even after the acceptance of ETFs is considered a noteworthy development.
For the past 4 months, on-chain data reveals a continuous upward trend in Bitcoin transaction volume. The figure, which was 550 billion dollars in September, has nearly tripled today. This level also indicates the highest transaction volume recorded since September 2022.
Long-Term Investors Using Cold Wallets
It is known that long-term Bitcoin investors store more than 70% of the circulating supply in cold wallets. Moreover, recent expectations of Exchange Traded Funds (ETFs) and halving rewards (before acceptance) continue to increase this figure day by day.