Although the Coronavirus pandemic has led many brick and mortar industries to close operations, cryptocurrency exchanges seem to have had their best month in a long time.

According to an substitution report released by CryptoCompare, Bitcoin (BTC) trading volume saw record-breaking numbers throughout the month.

Cryptocurrency market daily view

Cryptocurrency market daily view. Source: Coin360

The March 13 market crash that brought the Bitcoin price from $eight,000 to a depression of $three,800 in 24 hours registered the biggest day for crypto in terms of trading volumes registered at Bitcoin spot markets. On March 13 alone, total daily volumes striking an all-time loftier of $75.9 billion.

Total Historical BTC Spot Volume

Total Historical BTC Spot Book. Source: CryptoCompare

Bitcoin selloff propelled by a nuance for cash

Not only did Bitcoin see its biggest spike in spot trading volumes during the crash to $3,750, only fiat volumes also increased substantially as traders sought liquidity amidst the Coronavirus panic. This also triggered like selloffs in global equities and commodities markets.

Bitcoin to fiat volumes also reveal a possible interest in acquiring the cryptocurrency every bit a hedge against the COVID-19 economic fallout. USD to BTC trading volumes increased by 170% in March. The JPY pair also increased substantially, going upward past 130%.

According to CryptoCompare, March 13 held record numbers for the BTC/USD pair and other fiat/Bitcoin pairs. Crypto traders also took shelter in stablecoins as Tether'south USDT saw its monthly book triple during the month of March.

Monthly Bitcoin Volume Trading into Fiat or Stablecoin

Monthly Bitcoin Volume Trading into Fiat or Stablecoin. Source: CryptoCompare

Retail demand spikes later on Bitcoin selloff

As shown by the full historical BTC spot book chart, Bitcoin spot volumes reached an all-fourth dimension high on March 13 and they have remained noticeably elevated throughout March as the cost continued to recover. While trading book could signal both sell and buy pressure, in that location are multiple factors pointing to a higher interest in ownership the cryptocurrency.

A contempo Coinbase study explained that the 48 hours after the crash brought record-breaking numbers for the company compared to their yearly averages. Purchasing force per unit area in their retail brokerage increased by 7% from the typical 12-month average of lx%. Coinbase besides reported an increase in cash and crypto deposits, new signups, too as higher trading volumes.

Another cistron pointing towards buy pressure or at least a lack of sell force per unit area is the BTC exchange net inflow, derived from the number of coins leaving and inbound exchanges, which has dropped sharply afterward a spike in the Bitcoin selloff during mid-March.

Google trends see uptick in Bitcoin interest

The interest in buying Bitcoin can besides be observed in Google search trends. Later on the price crash, queries for the term "Buy Bitcoin" reached the highest level seen since July 23, 2022. Interest had previously spiked as the Bitcoin price surged to a 2022 yearly high of $11,280.

"Buy Bitcoin" interest over fourth dimension. Source: Google Search Trends

CME Bitcoin data shows institutions pulled out

In the Bitcoin derivatives marketplace, volumes hit an all-time loftier triggered by the price volatility experienced during the March 13 Bitcoin price drop, with a reported $600 billion in monthly volume. Despite this, regulated derivatives substitution, CME, saw its trading book for Bitcoin futures decrease by a whopping 44% since February following the BTC price crash.

Historical CME Futures Volume

Historical CME Futures Volume. Source: CryptoCompare

The growing disinterest among institutional investors may exist explained by the lack of safeguards against crises like the current Coronavirus pandemic. The quantitative easing program launched by the U.Southward. Federal Reserve brought a small degree of trust back to the stock markets for institutional investors. The same cannot be said for Bitcoin.

Volition retail need bulldoze the market higher in 2022?

Information technology'southward hard to say if retail need for Bitcoin will go along to abound as potential buyers could be pushed towards more than traditional safe havens like gilt or silver. However, it's articulate to see that institutional interest in Bitcoin has been severely diminished by the current pandemic and the associated economic fallout.

Yet, many believe that the Bitcoin price will surge after the halving, which will be Bitcoin's stock to menstruum value increment, a bullish sign for investors as production is cutting in half.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph. Every investment and trading movement involves risk. Yous should conduct your own research when making a decision.