Benzinga - Daily trading volume for Bitcoin (CRYPTO: BTC) has seen a consistent increase in 2023 compared to last year, according to a recent research report.
Published by Kaiko, the report stated the daily trade volume for BTC dipped to yearly lows towards the end of 2022 due to poor sentiment among retail investors following the collapse of FTX (CRYPTO: FTT).
This sentiment reportedly picked up significantly at the start of 2023, with daily BTC volume crossing $14 billion at times during February.
The report also highlighted the overall level of volumes was higher than at the end of 2022, anchored to the $10 billion daily volume number as opposed to about half that to close last year.
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Additionally, the crypto markets remained mostly uncorrelated with Chinese equities, with BTC's correlation with the blue-chip CSI 300 index and Hong Kong-listed Heng Seng China Enterprise (HSCE) Index hovering between -0.2 and 0.2 over the past months.
Interestingly, BTC was slightly more correlated with the HSCE than the CSI since the start of the year, possibly due to the greater global investment in the HSCE.
The report suggested the influence of China on crypto asset prices has been limited after a wave of regulatory crackdowns on cryptocurrencies beginning in 2017.
This could change in the coming months if some of the pent-up Chinese demand finds its way into crypto via Hong Kong.
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