Activity on cryptocurrency trading platforms is highly correlated to the price action of bitcoin, according to a recent study by Mixpanel.

In the study, which aggregated billions of user events across multiple cryptocurrency service products in 2017, Mixpanel found that user activity on these platforms followed the price of bitcoin nearly 1:1. Data normalized to a January 1, 2017 start date, shows that trading activity went up nearly 16x at the height of the bitcoin bull run.

While the correlation is beginning to diverge a bit in 2018, the trend indicates that investors are far more likely to trade when cryptocurrencies are increasing in price. It is unclear what exactly is this trend, but one hypothesis is that investors are more likely to take a bullish position on digital currencies given the current lack of short-position investment vehicles. Thus, when the price of the currencies plummets, investors limit their activity until a reversal.

The study also found that cryptocurrency investors are far more active traders than other investors types. According to the data, users on cryptocurrency trading platforms are 56% more likely than users non-crypto trading platforms to make a transaction, with 14% of users on crypto vs. 9.4% on non-crypto trading platforms making a transaction.

Additional price correlations are beginning to emerge as the cryptocurrency markets begin to mature. Just last month, a study found that Google searches for ‘bitcoin’ have dropped by more than 75% since the beginning of 2018.

Google Trends utilizes numbers to represent search interests that are relative to the highest point on the chart for the given time and region. As of January, bitcoin popularity was 37, but fell to 9 as of June 2, with a value of 100 representing the peak popularity for the term. Bitcoin underwent a massive price surge last year, nearing $20,000 in December, accounting for a 1,300% increase as new money rushed to get into digital currencies.