What’s happened to bitcoin transaction volumes? Over the last month, the number of bitcoins changing hands has dropped considerably. In April, 109,932 bitcoins per day exchanged hands on average. That compares to 187,811 in March – a 41% drop.
This has continued a little into May. On 4th May, it sunk further still, with just 52,042 bitcoins changing hands in a day. Bitcoin has been lower than this before, but not for a while. This chart shows that it only dipped below this figure three times in 2014 – twice in April and once in March. Before that, trading volume hadn’t been this low since 2011. What’s going on?
Gil Luria, managing director at Wedbush Securities, an equities firm that tracks the bitcoin market, said: