Bitcoin (BTC) has had a crazy seven weeks. After feigning death for upwards of three months, with there being little price action and scant volumes to speak of, the cryptocurrency market returned. In fact, as of the time of writing this, the 24-hour volume figure on Bitwise’s Bitcoin Trading Volume indicator reads at $917 million, much higher than the $500 million seen prior to all this price action. (Just last week, this read at a jaw-dropping $2.38 billion).
Derivative platforms have also seen similar spikes in volume, which analysts suggest is a clear sign of institutions joining the cryptocurrency fray yet again.