Bitcoin Trading Volume Plummets Despite Surge Past $110,000

Bitcoin’s trading activity on centralized exchanges has plummeted by 85% since July 2022, dropping from 2.9 million BTC traded weekly to just 426,000 BTC as of this week, according to data from CryptoQuant. This decline coincides with Bitcoin’s surge past $110,000, prompting analysts to debate whether it signals long-term accumulation or market apathy. While the lower exchange activity might suggest a shift towards longer-term holding strategies, the drop also indicates reduced sell pressure and potential volatility as prices move higher.