Volatile day for Bitcoin sees record $28 billion spot volume, highest since FTX collapse

Quick Take

Aug. 5 was marked by significant global volatility, with the VIX soaring above 60 and Bitcoin experiencing dramatic price swings, dropping to $49,000 before rebounding to $55,000. By the end of the day, Bitcoin recorded $28 billion in spot volume, the highest since the FTX collapse in November 2022. Bybit led the exchanges with a staggering $7 billion in spot volume, followed by Coinbase, which saw its highest volume since Bitcoin’s all-time high in March 2024, according to Glassnode data.

The delta between buying and selling on various exchanges provided a revealing perspective, as Binance exhibited a bearish sentiment dominated by selling pressure. Conversely, Coinbase showed a slight inclination towards buying volume, according to Glassnode data.

The volume reached $170 billion in the futures market, mirroring the levels seen during Bitcoin’s ascent to its all-time high in March 2024.

Additionally, Bitcoin US ETF volume was approximately $5.7 billion, one of the highest since March, as reported by checkonchain.

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