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Swyftx data release: Monthly High Volume Trading Index – January 2023

High volume crypto traders re-entered the digital assets market in January amid a resurgence in the price of Bitcoin.  

In total, there was an 105.4% increase in month-on-month trading volumes by the Swyftx’s top traders following a subdued December. This outstripped global growth in trading volumes of 70% over the period. 

January also saw a strong rebound in the number of Australians making five figure trades on the Swyftx platform, with a 70% month-on-month increase in individual trades of AUD $20k or more and a 94% rise in trades of $100,000 or more. 

High volume traders continued to accumulate digital assets in January, with 61.32% of all orders for the month being buy trades. This represented a slight month-on-month fall from 62.58% of trades in December.  

“Bitcoin’s January price rise triggered a bounce back in trading activity among the most experienced Australian digital asset traders,’ said Swyftx analyst Pav Hundal. “Expectations of less hawkish central bank activity and China’s reopening are certainly factoring into increased trading activity.   

“But we think the main reason local high volume traders are outpacing the market at the moment is because Australia has a high household savings rate and a comparatively large cohort of experienced, long-term crypto users compared to other jurisdictions. Many Aussie crypto users have experienced multiple cycles of volatility.” 

Top assets traded by Swyftx high-volume traders

“The recovery in trading was pretty broad-based, with a significant increase in trading across lower-cap assets like Solana and Cardano, as well as Matic, the native token of Polygon.  

“But the market is a long way off its peak and the FTX effect is still playing out. You can see risk aversion in the increased Bitcoin dominance compared to last year. In total, 15% of all trades were in Bitcoin last month compared to 8.8% over the same period last year. We’re expecting that risk-on sentiment to remain for some time.” 

“Nonetheless, we did see a big trading bump in January across AI-related tokens like FET and the SingularityNET token, AGIX. This has been a hot narrative amid the recent successes of protocols like ChatGPT, as well as the large investments made by Microsoft and others.” 

The Swyftx High Value Trading Index is a monthly measurement that tracks the rate of change in trading activity across a panel of 6,000 high volume traders on the Swyftx platform.   

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