January Saw Bitcoin’s Highest Monthly Volume
Bitcoin experienced a significant increase in transaction volume, moving $1.21 trillion worth of value on-chain in January 2024, marking the largest amount of value moved since September 2022.
This move is due to Bitcoin’s record-breaking low active supply and the failure to surpass $1 trillion volume in every month of 2023 except December.
Traders are eagerly awaiting spot Bitcoin ETF approval, which has led to increased transaction volume. However, long-term Bitcoin holders are reportedly reluctant to part with their coins, as monthly transactions on the Bitcoin network fell between December 2023 and January 2024.
(With inputs from Shikha Singh)
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