The bitcoin market was quiet in March and the month proved to be a slow one for our OTC trading desk. Lack of market volatility contributed to low trading volumes as many traders sat on the sidelines in search of reliable indicators as to which way the price was headed.
Neither buyers nor sellers showed a distinct motivation to transact. This is reflected in the OTC Executions vs. Spot Price chart below which shows that transactions in March were executed at or close to market prices. Overall, the shrinking global exchange trading volumes in March signal a temporary decline in total bitcoin trading activity.
March Highlights from the OTC Desk
- Transactions experienced a 75% decrease in average execution discounts (to exchange spot prices) from -70bps to -18bps.
- Nearly half of all executions were at or above market prices.
- Asia trading volumes continued to rise, with month-over-month growth of over 300%.
- Remittance client volumes continued to trend up.
Director of Trading, itBit