On August 12, Bitcoin trading volume on spot and derivatives exchanges fell to 112,317 BTC, the lowest level since November 10, 2018. It is reported by CNBC with reference to data from the CryptoQuant analytical platform. As of August 26, this figure was 129,307 BTC, about 94% below the March high of 3.5 million BTC.

The market is also maintaining a relatively risk off stance, with Bitcoin dominance within futures markets grinding slowly higher. Throughout 2021-22, Ethereum futures markets experienced a steady increase in both trade volume and open interest relative to Bitcoin, peaking at a 60 BTC : 40 ETH split in H2-2022.

This year has seen the scales tilt back in favour of Bitcoin, suggesting lighter liquidity and a reduced risk appetite remains a force moving capital up the risk curve.

“Trading volumes decrease in bear markets as retail investors leave,” Julio Moreno, head of research at CryptoQuant, told CNBC. “This happened during 2022 on most exchanges. As we progress further into a bull market, the trading volume may continue to pick up.”

The price of bitcoin is still up 57% for the year and hovering at about $26,100, according to Coin Metrics.