• Bitcoin trading volume surged three days ahead of an attempted coup in Russia.
• There was a spike in BTC/RUB and USDT/RUB trading volumes, reaching the highest levels since the FTX market crash and SVB market downfall.
• This reflects a surge in activity related to geopolitical events.
Bitcoin Trading Volume Skyrockets with Attempted Coup in Russia
The weekend of June 26th saw news break out of an attempted coup in Russia. Despite its resolution by the end of the weekend, this news drew widespread attention. This incident coincided with a spike in trading for the USDT/RUB currency pair, which climaxed at $8.53 million, marking the most considerable volume since the FTX market crash in November of the previous year.
Surge in BTC/RUB Trading Volume Three Days Prior to Coup
Intriguingly, three days prior to the reported coup on Wednesday, June 21st there was a substantial spike in Bitcoin (BTC) volume traded with RUB. It escalated to $2.21 million, which is the highest since SVB market downfall in March. This reflects a surge in trading activity linked to geopolitical events.
Long-Term Inflation Outlook Outstrips 2% Benchmark
In other news related to Bitcoin’s performance against traditional finance markets, long-term inflation expectations have outstripped 2% benchmark due to increasing demand for assets such as gold and stocks that are seen as hedges against inflationary risks that come from government monetary policies like quantitative easing or “money printing” measures being taken by several countries around world amid Covid pandemic crisis.
Bitcoin Futures ETF BITO Sees Biggest Weekly Inflow
Furthermore, Bitcoin Futures Exchange Traded Fund (ETF) BITO has seen its biggest weekly inflow ever this week, signaling increased institutional demand for cryptocurrencies and their underlying technology blockchain over last year or so despite volatile prices movements that have been observed throughout 2020 so far due mainly to uncertain economic climate caused by coronavirus pandemic situation across globe causing entire financial system go into disarray.
Withdrawals Exceed Deposits on Bitcoin Exchanges
Finally, withdrawals have exceeded deposits on major bitcoin exchanges this week as investors look more towards realigning their portfolios away from risky assets like equities into safe havens like digital currencies instead during these uncertain times we live through right now.