Bitcoin’s price measure is still above the threshold of $ 100,000 and within a striking distance from its All-Time High at $ 111,700, but its activity on the chain tells a completely different story. According to the latest report from the analysis company on the chain Glassnode, although Bitcoin’s price presses to new heights, the underlying blockchain measurement values have slipped into Territories more often associated with bear market phases.
Silent blockchain activity despite price force
According to a Report Look at Various measurements on the chain from Analytics Company Glassnode on the chain, Bitcoin has mostly been highlighted by silent blockchain activity despite its current price, which is over $ 100,000. For example, daily transactions have now dropped to an interval between 320,000 and 500,000, down from a peak over 730,000 2024. Network that works in a haussey price environment.
The slowdown in daily Bitcoin transactions is mainly bound to a corresponding decline in non-monetary activity such as inscriptions and runes, which had previously contributed to transaction nails. The actual transfers of value in monetary transactions have been relatively stable, but overall have the decline in network use created a noticeable deviation where previous compilations to constantly heights of an increase in transactions on the chain.
Although transaction bills fall is bitcoin blockchain wrap huge amounts Transactions on the chain. The daily volume average this cycle is about $ 7.5 billion and nailed as high as $ 16 billion during the first rally over $ 100,000 at the end of 2024. But the nature of these transactions has changed from the hands of the retailer. The average volume per transaction is just over $ 36,000, which means that large institutional players and individuals with high net value are now the primary users of the Bitcoin network.
Retail size transactions (those under $ 100,000) have seen their Relative proportion of the total volume Go down massively. For example, transactions in the range represent $ 0 to $ 1000 now less than 1% of the total transmitted value, from about 4% at the beginning of this cycle.
Fee pressure drops while trade outside the chain dominates
Glassnode’s report also highlights how muted the fee environment has become, even with Bitcoin trading around high prices. Average mining income from transaction fees has dropped to just $ 558,000 per day. Although the reduction is partly due to technical improvements such as Segwit and transaction investment, the enormous case in mining revenues indicates a remarkable reduction in the demand for the block space and the total reduction in the number of transactions.
On the other hand, Trade activity has been moved to places outside the chain, especially centralized exchanges. Spot volumes often exceed $ 10 billion a day, while the futures markets dominate with the average daily volume of approximately $ 57 billion and tops $ 120 billion. The alternative markets are also growing and now handles over $ 2.4 billion a day. Overall, these off-chain platforms handle 7 to 16 times more volume than is directly on bitcoin blockchain.
In summary, the Glassnode report shows the altered dynamics of Bitcoin’s ecosystem and how it is slowly leaning More toward large institutions than retailers. At the time of writing, bitcoin is traded at $ 103 470, down by 2% over the past 24 hours.
Image from Pexels, Chart from TradingView
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