Abstract
The aim is to analyse daily Bitcoin trading activity in the Bitcoin/Yen market, looking not at Bitcoin’s price or aggregate volume, but at the size and number of trades, in order to understand any changes in daily trading behaviour during different market conditions. Trade data from 2017-2019 for five Bitcoin Exchanges (Kraken, BTCBOX, Fisco, Zaif and Coincheck) is used in the analysis and split into four sub-periods based on Bitcoin’s market conditions. The results are surprising. There are no consistent patterns to trading activity. Both small and large investors continue to trade equally across all weekdays, weekends and holidays. The only factor driving changes in trading activity is the Bitcoin price itself.
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