January saw Bitcoin's highest monthly volume since September 2022

Following four months of gains in transaction volume, $1.21 trillion worth of Bitcoin was moved on-chain during the month of January 2024. That's the largest amount of value moved on-chain since September 2022, when the price of Bitcoin was around $20,000, according to data from The Block. 

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The fact that Bitcoin failed to surpass $1 trillion volume in every month of 2023 except December, and Bitcoin's record-breaking low active supply, points to traders eagerly awaiting spot Bitcoin ETF approval. With those ETFs finally approved, transaction volume appears to be increasing to match. In fact, January marked the fourth straight month of volume increases after only $550 billion in volume was moved in September 2023. 

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According to Glassnode analysts, long-term Bitcoin holders seem unwilling to part with their coins at this time, and instead, "appear to be calmly riding the market waves." Indeed, monthly transactions on the Bitcoin network actually fell between December 2023 and January 2024, according to data from The Block.