Bitcoin Now Rivals Visa and Mastercard, with $46.4B in Daily Payment Volume: CME Report

A report from CME Group suggests that Bitcoin now rivals payment giants Visa and Mastercard in volume, boasting a daily payment volume of $46.4 billion.

CME Group released the report today in collaboration with crypto analytics platform Glassnode. Calling attention to the article on X, Glassnode spotlighted the impressive feat achieved by Bitcoin (BTC) in terms of daily on-chain volume.

#Bitcoin currently sees around $46.4b in on-chain volume daily, comparable to traditional payment processors like Visa and Mastercard. Filtered economical transfer volumes are closer to $6.5b per day.

More insights from our report with @CMEGroup → https://t.co/SG2XESASGe pic.twitter.com/ZD7t1dkMsD

— glassnode (@glassnode) July 17, 2024

Further insights from the report, dubbed “Digital Assets: Insights and Market Trends,” shows a bullish trend across the market in H1 2024. These bullish trends come from data provided by Glassnode mostly as of May 31, 2024. Interestingly, data confirms that Bitcoin had increased 370% since January 2023 despite the recent downturn.

Bitcoin Volume Rivals Visa and Mastercard

The report then called attention to Bitcoin’s on-chain payment volume. Per available data, unfiltered on-chain volume on the Bitcoin network hit as high as $46.4 billion every day. This figure rivals what is obtainable with payment processing giants like Visa and Mastercard.

For proper context, data from the report confirms that Visa processes a daily volume of $38.98 billion. Meanwhile, Mastercard boasts a much lower $24.78 billion in daily payment volume. Only gold and the S&P 500 (SPX) have significantly much higher daily volumes than Bitcoin, respectively amounting to $162.6 billion and $253 billion.

Bitcoin Settlement Volume Comparison | Glassnode

Notably, CoinMarketCap data shows a similar figure for Bitcoin’s daily volume. 24-hour trading volume for Bitcoin has averaged $29.68 billion over the past nine days. Within this period, BTC saw the highest daily volume of $41.6 billion on July 16. Volume has been considerably higher in recent times amid the ongoing market rebound.

Bitcoin Daily Volume | CoinMarketCap

However, Glassnode applied a filtering mechanism by assessing the economical nature of Bitcoin’s on-chain transaction volume. It also assessed in-house transfers from leading exchanges such as Binance and Coinbase. This filter resulted in an adjusted daily volume of $6.5 billion for Bitcoin.

Besides its volume, the CME Group report confirmed an influx of capital into the Bitcoin market in H1 2024. This increased influx is attributable to the successes of the spot Bitcoin ETFs in the United States. Data from Farside Investors shows that these products have seen $16.5 billion in net inflows since January.

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