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Rising Bitcoin prices and expectations that Bitcoin spot-based ETFs will be approved by the US exchange authorities tempted Norwegian crypto investments to more than double their crypto investments from the third to fourth quarter of 2023. This is based on figures in Norwegian kroner from four Norwegian crypto exchanges, with Firi leading the way. In the fourth quarter of last year, the volume of trade on these trading venues grew by 118% to NOK 1.6 billion, compared to NOK 730 million in the third quarter. For the year below, turnover in the four crypto exchanges was 3.9 billion.
In Q4 of last year, the Bitcoin exchange rate rose by 56% from $26.967 to $42,152 at the end of the quarter. Thus, the growth in trade volume is substantially greater than the increase in value alone would suggest.
So far in January 2024, where there have been 9 trading days, the level of trading volume is up 40 percent compared to the period October-December 2023. Compared to the July-September period last year, the average trading volume on these January days has tripled or up 208 percent. Unlike traditional financial exchanges, you can also trade on a crypto exchange on Saturdays, Sundays and other days off. The figures from both the fourth quarter of last year and so far this year may thus indicate that optimism is seriously returning for Norwegian crypto investors after two years of crypto winters.
The figures, which the media company Kaupr has collected, processed and analysed, are based on the daily trading figures obtained by the price comparison service Crypto price publishes on X (formerly Twitter), and which includes Furry, NBX, Bitcoin only and Juju. According to Knut Erik Eldjarn, CEO of Kryptopris, turnover in currencies other than Norwegian kroner at the four Norwegian exchanges is minimal
Below you can see how the trading volume was on Tuesday 9. January.
<span><blockquote class="twitter-tweet"><p lang="no" dir="ltr">Tuesday's volume on the Norwegian crypto exchanges <a href="https://twitter.com/firiapp?ref_src=twsrc%5Etfw">@firiapp</a> <a href="https://twitter.com/JuJukrypto?ref_src=twsrc%5Etfw">@JuJukrypto</a> <a href="https://twitter.com/nbxcom?ref_src=twsrc%5Etfw">@nbxcom</a> <a href="https://twitter.com/barebitcoin?ref_src=twsrc%5Etfw">@barebitcoin <a href="https://t.co/gWQWeiXdtn">pic.twitter.com/GWQweixDtn — Kryptopris.no (</a>@Kryptoprisno</a></p>) </blockquote></span><a href="https://twitter.com/Kryptoprisno/status/1744947192333312230?ref_src=twsrc%5Etfw">Januari 10, 2024<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></a>
What the figures do not capture, however, is what Norwegian crypto investors trade for on international exchanges such as Binance, Coinbase, eToro and other international exchanges, where Binance in particular has been particularly popular among Norwegians for many years. Currently, the trading volume is also not K33 or numbers from Bitpanda, which in October became the first international crypto exchange licensed in Norway.
There are major differences between the four crypto exchanges Firi, NBX, Bare Bitcoin and Juju. Firi, which is the largest crypto exchange in the Nordic region, naturally dominates with its 200,000 customers in the Nordic region, most of whom are in Norway. Firi alone had a trading volume of NOK 3.4 billion in 2023, after the volume increased from NOK 620 million in Q3 to NOK 1.4 billion in Q4. Since January 2021, Firi's trading volume has been between NOK 13 and NOK 14 billion.
Another trading service that has done strongly is newcomer Bare Bitcoin. At Bare Bitcoin, which only offers trading in Bitcoin, had a growth in trading volume from Q3 to 4 of 127 percent. NBX, which is the second largest among the Norwegian crypto exchanges, increased in the same period by 54% and Juju by 67%.
The Bitcoin exchange rate has risen significantly throughout 2023, from 16.619 USD at the end of 2022 to 42.152 at the end of 2023. After a strong rate rise to 28.465 as of March 31, 2023, the market was then more uncertain with a closing price as of June 30, 2023 at 30,477 and as of September 30, 2023 at 26.967. It is therefore natural to put the strong price rise in Q4, from $26.967 to $42,152, in the context of the growing interest in Bitcoin spot-based ETFs. Throughout the fourth quarter, expectations increased that the US stock exchange authorities (SEC) would come to approve Bitcoin spot-based ETFs. This sentiment has continued even into 2023, where today Wednesday, January 10, it is expected that the SEC will make a decision.
Kaupr will continue to follow these developments closely. On Monday we launched the new newsletter “Unleash Insight”. We are already working on the content of Issue 3, which you can subscribe to (free). Issue 3 will come out over the weekend, and will feature insights and analysis after the SEC's decision on the ETFs will be forthcoming.
The second edition of the newsletter also includes a great EFT guide, with a lot of content that can be useful both before and after an ETF decision. Unleash Insight #2 can be found here.
Rising Bitcoin prices and expectations that Bitcoin spot-based ETFs will be approved by the US exchange authorities tempted Norwegian crypto investments to more than double their crypto investments from the third to fourth quarter of 2023. This is based on figures in Norwegian kroner from four Norwegian crypto exchanges, with Firi leading the way. In the fourth quarter of last year, the volume of trade on these trading venues grew by 118% to NOK 1.6 billion, compared to NOK 730 million in the third quarter. For the year below, turnover in the four crypto exchanges was 3.9 billion.
In Q4 of last year, the Bitcoin exchange rate rose by 56% from $26.967 to $42,152 at the end of the quarter. Thus, the growth in trade volume is substantially greater than the increase in value alone would suggest.
So far in January 2024, where there have been 9 trading days, the level of trading volume is up 40 percent compared to the period October-December 2023. Compared to the July-September period last year, the average trading volume on these January days has tripled or up 208 percent. Unlike traditional financial exchanges, you can also trade on a crypto exchange on Saturdays, Sundays and other days off. The figures from both the fourth quarter of last year and so far this year may thus indicate that optimism is seriously returning for Norwegian crypto investors after two years of crypto winters.
The figures, which the media company Kaupr has collected, processed and analysed, are based on the daily trading figures obtained by the price comparison service Crypto price publishes on X (formerly Twitter), and which includes Furry, NBX, Bitcoin only and Juju. According to Knut Erik Eldjarn, CEO of Kryptopris, turnover in currencies other than Norwegian kroner at the four Norwegian exchanges is minimal
Below you can see how the trading volume was on Tuesday 9. January.
<span><blockquote class="twitter-tweet"><p lang="no" dir="ltr">Tuesday's volume on the Norwegian crypto exchanges <a href="https://twitter.com/firiapp?ref_src=twsrc%5Etfw">@firiapp</a> <a href="https://twitter.com/JuJukrypto?ref_src=twsrc%5Etfw">@JuJukrypto</a> <a href="https://twitter.com/nbxcom?ref_src=twsrc%5Etfw">@nbxcom</a> <a href="https://twitter.com/barebitcoin?ref_src=twsrc%5Etfw">@barebitcoin <a href="https://t.co/gWQWeiXdtn">pic.twitter.com/GWQweixDtn — Kryptopris.no (</a>@Kryptoprisno</a></p>) </blockquote></span><a href="https://twitter.com/Kryptoprisno/status/1744947192333312230?ref_src=twsrc%5Etfw">Januari 10, 2024<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></a>
What the figures do not capture, however, is what Norwegian crypto investors trade for on international exchanges such as Binance, Coinbase, eToro and other international exchanges, where Binance in particular has been particularly popular among Norwegians for many years. Currently, the trading volume is also not K33 or numbers from Bitpanda, which in October became the first international crypto exchange licensed in Norway.
There are major differences between the four crypto exchanges Firi, NBX, Bare Bitcoin and Juju. Firi, which is the largest crypto exchange in the Nordic region, naturally dominates with its 200,000 customers in the Nordic region, most of whom are in Norway. Firi alone had a trading volume of NOK 3.4 billion in 2023, after the volume increased from NOK 620 million in Q3 to NOK 1.4 billion in Q4. Since January 2021, Firi's trading volume has been between NOK 13 and NOK 14 billion.
Another trading service that has done strongly is newcomer Bare Bitcoin. At Bare Bitcoin, which only offers trading in Bitcoin, had a growth in trading volume from Q3 to 4 of 127 percent. NBX, which is the second largest among the Norwegian crypto exchanges, increased in the same period by 54% and Juju by 67%.
The Bitcoin exchange rate has risen significantly throughout 2023, from 16.619 USD at the end of 2022 to 42.152 at the end of 2023. After a strong rate rise to 28.465 as of March 31, 2023, the market was then more uncertain with a closing price as of June 30, 2023 at 30,477 and as of September 30, 2023 at 26.967. It is therefore natural to put the strong price rise in Q4, from $26.967 to $42,152, in the context of the growing interest in Bitcoin spot-based ETFs. Throughout the fourth quarter, expectations increased that the US stock exchange authorities (SEC) would come to approve Bitcoin spot-based ETFs. This sentiment has continued even into 2023, where today Wednesday, January 10, it is expected that the SEC will make a decision.
Kaupr will continue to follow these developments closely. On Monday we launched the new newsletter “Unleash Insight”. We are already working on the content of Issue 3, which you can subscribe to (free). Issue 3 will come out over the weekend, and will feature insights and analysis after the SEC's decision on the ETFs will be forthcoming.
The second edition of the newsletter also includes a great EFT guide, with a lot of content that can be useful both before and after an ETF decision. Unleash Insight #2 can be found here.
