Coinbase’s Bitcoin OTC trading volume reaches second-highest level in history

According to a Jan. 11 report by CryptoQuant, an on-chain and market analytics tool, Coinbase’s Bitcoin OTC trading volume reached $7.7 billion today.

On Jan. 10, an official SEC filing revealed that spot Bitcoin ETFs had received approval for listing on all registered national exchanges in the U.S., including the Nasdaq, NYSE, and CBOE. This approval follows a decade-long pursuit of this type of product.

One day later, CryptoQuant reported that the purchase of Bitcoin (BTC) had surged in direct response to this announcement, reporting the highest level since Mar. 21 last year. It is also worth noting that the volume was at $1.3 billion a month earlier.

At the same time, Glassnode, an on-chain market intelligence platform, revealed that the Bitcoin Hash Rate had also achieved an all-time high value exceeding 600 EH/s, equivalent to a staggering 600 quintillion guesses every second in block puzzle-solving attempts.

The report states that on-chain transaction volume is also upward, with daily settlements of over $5.7 billion in economic transfers. This sentiment is mirrored in exchange flows, where a substantial $4.6 billion in daily inflows and outflows underscore the escalating growth in investor activity.