Key Points
- Bitcoin’s trading volume sets a new record, reaching $145 billion in 24 hours.
- Increased trading volume, Google search interest, and ETF inflows indicate a potential bullish phase for Bitcoin.
Bitcoin continues to break records, with its trading volume reaching an all-time high of $145 billion within 24 hours. This record-breaking performance was shared by crypto services provider Matrixport in a Wednesday announcement on social media platform X.
Rising Trading Volume Indicates Increased Investor Interest
Usually, a surge in trading activity indicates renewed interest from retail and institutional investors. This time, the increase is nearly 50% higher than levels seen during the market’s flash crash in August and the previous peak in March.
Experts see this spike in trading volume as a potential signal of bullish times ahead. Past bull markets have shown that higher trading activity often means retail investors are returning to the crypto market. These activities can last for weeks or even months, suggesting a bright near-term future for Bitcoin.
Online Interest in Bitcoin Reaches a Five-Year High
The rise in trading volume is supported by increased online interest in Bitcoin. Google search interest for Bitcoin has reached a five-year high of 78%. This suggests that the general public is becoming more aware of cryptocurrency, which could lead to more investors exploring Bitcoin as a potential investment.
Another indicator of Bitcoin’s growing popularity is the recent performances of its exchange-traded funds (ETFs). Inflows into Bitcoin ETFs have surpassed $1 billion for two consecutive weeks, indicating confidence from institutional investors who see Bitcoin ETFs as a safer way to gain exposure to the crypto market.
The combination of increased trading volume, record-breaking search interest, and significant ETF inflows suggests that Bitcoin may be entering a strong bullish phase. Despite the crypto market’s known volatility, current trends indicate that investors remain confident that the coming weeks will be positive for Bitcoin.
