Bitcoin Volume Spikes With Market Uncertainty In The UK Today

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The below is a direct excerpt of Marty’s Bent Issue #1269: “Interesting reaction out of the U.K.” Sign up for the newsletter here.

Here’s a chart that has been lingering in my mind throughout the week. It was shared by the team from Coinshares and highlights bitcoin trading volume in the U.K. earlier this week while the British pound was in free fall. As you can see, volumes exploded to just under $900 million, reaching their highest level in more than two years. It’s hard to discern the intent of those who were trading bitcoin in size over in the U.K. It could have been people looking to take advantage of quickly developing arbitrage opportunities, people looking to sell bitcoin to get liquidity to service failing trades or people looking to purchase bitcoin as a hedge against rapid currency debasement.

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