‘Boring’ Bitcoin sends weekend trading volume to all-time lows
Bitcoin traded over weekends has declined to an all-time low of 16% this year, according to cryptocurrency research firm Kaiko.
The drop comes in the wake of the launch of spot Bitcoin exchange-traded-funds, which appears to have shifted the periods when Bitcoin is traded to be more in line with the schedule of traditional equity exchanges and has lowered its price volatility.
One of crypto’s noteworthy traits is that, unlike stocks, it trades during all hours of the day and even on Saturdays and Sundays. In the past, Bitcoin trading gained notoriety for its “Wild Weekends,” where the digital currency would experience wide price fluctuations.
But that phenomenon seems to be cooling since Bitcoin’s weekend trading volume has continued to dwindle from its high of 28% in 2019. The launch of Bitcoin ETFs is likely a big reason why.
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View Details»The decline of weekend trading is a “trend that has been going on for years, but has been exacerbated by ETFs,” according to Kaiko Senior Analyst Dessislava Aubert.
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