As Bitcoin halving approaches, Bybit trading volume approaches ATH

Bitcoin halving is approaching, with countdowns showing that it is scheduled to take place on April 21. Meanwhile, Bybit has reported that it is seeing massive trading volumes that are now quite close to hitting the exchange’s ATH.

Bybit’s trading volume closed in on its ATH in February

According to the exchange, the volume recorded on February 28 reached $71.5 billion for the month, placing it extremely close to the ATH of $77 billion, as recorded during the crypto bull run back in 2021.

Bybit also recorded a massive futures volume of $62.6 billion, as well as a record-breaking $8.7 billion in spot trading volume.

Bybit has been in the crypto industry for years now, after being founded in 2018. Its customer base consists of 20 million users, and in terms of volume, the company is among the top 3 largest exchanges in the world.

Bybit’s co-founder and CEO Ben Zhou stated: “We at the Crypto Ark are on a mission to make this new asset class as widely available as possible through our intuitive platform.”

Commenting on the current situation, he added: “Now, we’re seeing large inflows and smart money is moving fast. With the Bitcoin halving just around the corner, Bitcoin is proving itself as an institutional asset, a hedge against economic uncertainty, and a vote for financial freedom.”

With the halving approaching, investors also expect a rally

Once the next halving takes place, Bitcoin mining rewards will be reduced from 6.25 BTC per block to 3.125 BTC per block. This is all part of Bitcoin’s design, which was developed in a way that will reduce the amount of new BTC generated by the network each time when the coin’s community mines 210,000 blocks.

This means that a halving takes place roughly every four years. However, historically, Bitcoin would lead a massive, year-long rally after each halving — typically 6 to 12 months after the block rewards get cut in half.

With that being the case, many expect that this time will be no different, which could be why crypto trading volume is skyrocketing. After all, Bitcoin’s halving in 2012 led to a surge that took the price from $12 to $1,170. The halving in 2015 led the coin to a rally to $20k, and after the one in 2020, BTC surged to $69k per coin.

With the new halving around the corner, the community is preparing for another massive rally. In addition, many are also trying to predict how high the price might go this time.

However, it is worth remembering that the historical data shows a positive correlation between the two events, but many have pointed out that there is no concrete evidence that they are actually linked. The crypto market is influenced by a wide range of factors, and believing blindly that the surge will come because of the halving is a good way for traders and investors to make a bad move and lose their funds.