Daily crypto trading falls below $10 billion, while Bitcoin accumulation nears a new record

As of the end of December, daily spot trading volume fell below $10 billion. Trading volumes haven’t been that low since Dec. 17, 2020, when bitcoin’s price first broke past $20,000. Meanwhile, Bitcoin accumulation is nearing record 800,000 addresses despite whale selling, while Bitcoin exchange withdrawals sink to a 7-month low.

According to The Block’s Data Dashboard, daily spot market trading volume for crypto exchanges fell below $10 billion for the first time since December 2020.

Spot trading volume fell to $9.2 billion on Dec. 25 before continuing its decline to $8.5 billion on Dec. 27.

The last time daily spot trading volume was below $10 billion was on Dec. 17, 2020, when the price of bitcoin had surged past $20,000 for the first time just the day before, The Block previously reported. Bitcoin trades now around $16,800. 

NFT transactions have also fallen alongside crypto trades, with The Block data showing that NFT sales have decreased every month since April.

Meanwhile, Bitcoin accumulation is nearing a new milestone this Christmas as the redistribution of the BTC supply continues.

Data from on-chain analytics firm Glassnode shows that the total BTC balance of so-called “accumulation addresses” is nearing all-time highs.

“Accumulation addresses are defined as addresses that have at least 2 incoming non-dust transfers and have never spent funds,” the firm’s description explains.

Glassnode adds that exchange wallets and those belonging to miners are excluded from the tally alongside addresses last active more than seven years ago, as funds they contain could be lost — permanently cut off from circulation.

On the other hand, Glassnode data shows that exchange outflows have now hit their lowest levels in over six months.

As Bitcoin volatility sets a new record low in what is being called “Do Nothing December,” exchange users’ habits are also rapidly adjusting to the current climate.

After seeing an overwhelming surge in light of the FTX meltdown, BTC withdrawals from exchange wallets have entirely reversed the spike which began around six weeks ago.

Having hit a peak of 142,788 BTC on Nov. 14, outflows from the trading platforms tracked by Glassnode have declined over ten times.

On Dec. 25, the latest date for which numbers are available, total exchange outflows came in at just 9,352 BTC — a drop of 93.5%.