Bitcoin Volume Plummets as Risk-Off Mode Persists: What Does it Mean for Investors?

Bitcoin Prices Remain Stagnant over the Weekend

Bitcoin failed to spark interest over the weekend trading session, with the BTC/USDT pair falling around a quarter of a percent over both days combined.
At the time of writing, the world’s largest cryptocurrency was swapping for $25,800, having dipped another 0.15% in this morning’s Asia trading window.
BTC/USDT is currently down 0.7% week on week and 12.2% down month on month.

Trading volumes have been on a clear downward trajectory this year, an understandable result of the barrage of controversies that mired crypto in 2022.
Barring a brief spike in March in the midst of the US banking mini-crisis, the amount of bitcoins flowing through the major exchanges has been far below the average seen over the past two years.

Bitcoin volume chart

Bitcoin volumes are on a steady journey lower – Source: data.bitcoinity.org

Ethereum (ETH), the world’s second-largest cryptocurrency, fared poorly over the weekend trading session, flat on Saturday before dipping more than 1.1% by the end of Sunday.
The ETH/USDT pair is currently swapping for $1,612 after falling another 0.3% this morning.
Ether has underperformed against bitcoin on a weekly basis, with 1.4% knocked from its spot price. As such, bitcoin dominance has seen a resurgence, recovering from lows of 49.1% to 49.6% today.

In the altcoin space, Toncon (TON)’s rally has come to an end. Initially developed by the team behind encrypted messaging platform Telegram, TON was among the top altcoin performers in August, but has since plummeted 10% in the past seven days.
Solana (SOL) has also underperformed the market, dipping 7.9% week on week, while Ripple (XRP), BNB, Dogecoin (DOGE) and Cardano (ADA) have managed to keep their losses in the low single digits.