• Bitcoin’s daily on-chain volume has reached $46.4 billion, matching Visa and Mastercard.
• Glassnode and CME Group report a 370% increase in Bitcoin’s value since January 2023.

A recent report from CME Group indicates that Bitcoin has reached a significant milestone, now matching the daily payment volumes of major financial giants Visa and Mastercard. 

The report in partnership with Glassnode shows that the on-chain volume of Bitcoin is standing at a whopping $46.4 billion per day. 

Mastercard’s daily transaction volume is $24. 78 billion, while Visa’s is $38. 98 billion. These numbers show that Bitcoin is a significant participant in the payment volume, with only gold and the S&P 500 recording higher daily volumes of $162. 6 billion and $253 billion, respectively.

Glassnode’s analysis provides more detail, suggesting that the unfiltered on-chain volume of Bitcoin is similar to that of the top payment processors. According to CoinMarketCap data, Bitcoin’s trading volume in the last 24 hours has been around $29. 68 billion in the last nine days, with a high of $41. 6 billion on July 16. This volume level corresponds to the ongoing market recovery process, which is in progress for the current period. 

https://twitter.com/glassnode/status/1813519478199882195 

CME Group Highlights Bullish Trend in Crypto Market

Glassnode has improved its volume calculations by eliminating non-economic transactions and internal transfers in exchanges’ wallets particularly Binance and Coinbase. This figures can be adjusted to give a more realistic estimate of the daily trading volume of Bitcoin which currently is $6. 5 billion. 

The CME Group report, titled “Digital Assets: The “Market Insights and Trends,” also points to a bullish trend for the crypto market in the first half of 2024. Although there has been a decline, Bitcoin has still surged by 370% since the beginning of the year 2023. This can be attributed to the increasing popularity of spot Bitcoin ETFs in the United States, which has experienced $16. 5 billion in net inflows in the year thus far, as mentioned by Farside Investors. 

There has been a massive investment in the Bitcoin market in the first half of 2024. This has been due to the increasing demand for Bitcoin ETFs in the United States market. These products have attracted $16. 5 billion in investments due to the investors’ confidence in the future of Bitcoin.

Crypto Exchange Trading Volumes Show Recent Decline

The cryptocurrency market indicates bullishness but is still far from the levels seen in March. Between these months, the market was volatile, with many fluctuations with neutral investors’ sentiments, meaning that there was stagnation. Recent data reveals that the trading volume of exchanges in the cryptocurrency market is still experiencing difficulties that affect investors’ perceptions. 

This decline in trading volumes at crypto exchanges began in April and continues to the present day. CCData report showed that the spot trading volumes on crypto exchanges fell by 33% in April. Also, the trading volumes of crypto derivatives dropped for the first time in the last seven months by 26%. 

In June, spot trading volumes alone fell by 19.3%, reaching a low of $1.3 trillion, a sharp decline from the $3 trillion recorded in March. This reduction also impacted Open Interest, which saw a 9.76% decrease in derivative exchanges, bringing it down to $47.11 billion.