A frenzied period for major exchanges produces unusual phenomena and huge volumes, while Coinbase bows out.
Bitcoin (BTC) hitting $10,000 has been frantic activity on exchanges — investors are buying the largest cryptocurrency at five figures, not selling.
According to data from monitoring resource Coin Metrics on June 2, one ten-minute period alone saw volume hit a giant 3,500 BTC.
“Peculiar” BTC price action sparks volume surge
As markets climbed to highs of $10,340, exchanges saw a sudden surge of interest, with Bitfinex specifically producing what Coin Metrics described as “very strange” behavior.
“#Bitcoin prices on Bitfinex just did something very strange and are now trading at a $40 premium to the rest of the market,” the company tweeted.
“This peculiar price action was accompanied by over 3,500 $BTC volume in the 10 minute candle.”
The volume figure came from readings of six major exchanges: Bitfinex, Bitstamp, ItBit, Gemini, Kraken and Coinbase, the latter suffering an outage due to demand.
BTC/USD chart showing volume spike.