According to numbers shared by industry data provider CCData, transaction volume on the bitcoin network has rocketed since the arrival of Ordinals. “Ordinals are to the bitcoin blockchain what bitcoin ETFs are to bitcoin the cryptocurrency,” said CCData researcher Jacob Joseph.
According to numbers shared by industry data provider CCData, transaction volume on the bitcoin network has rocketed since the arrival of Ordinals. “Ordinals are to the bitcoin blockchain what bitcoin ETFs are to bitcoin the cryptocurrency,” said CCData researcher Jacob Joseph.
Since the US Securities and Exchange Commission approved the ETFs, average daily returns for bitcoin outside US trading hours are 0.31 per cent. That stacks up against 0.13 per cent in the six and a half hours that the US stock market is open, according to CCData. Cumulative average daily returns while Wall Street is closed come to 26.4 per cent, against 9.9 per cent during US trading hours, CCData said.
Markets also tend to be more choppy when the US has clocked off. CCData found that the average 30-day rolling annualised volatility during non-US trading hours is just over 40 per cent, compared with an average of 36 per cent in US hours.
The combined volume of crypto spot and derivatives trading on centralized exchanges almost doubled to an all-time high of $9.1 trillion in March while Bitcoin reached a record, according to a CCData.
Spot trading outpaced the gains seen in derivatives, with volume rising 108% to $2.94 trillion, the highest monthly figure since May 2021, CCData’s March Exchange review report said.
Crypto derivatives trading became bigger than ever in March, but its share in the total market activity declined for the sixth consecutive month, according to London-based digital assets data provider CCData.
“The bitcoin halving event is widely regarded as a significant catalyst for positive price action in the bitcoin market,” says Alissa Ostrove, chief of staff at CCData, “where the reduction in supply, assuming demand remains constant or increases, can lead to a rise in the price of bitcoin.”
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