Sunday, October 24, 2021
HomeNewsBitcoin Transaction Volume Increases Sharply

Bitcoin Transaction Volume Increases Sharply

In the past few weeks, Bitcoin has seen a huge jump in its entity-adjusted transactions volume. Glassnode recently reported that the transaction volume mentioned oscillated between $13.8 million and $16 billion.

“Bitcoin entity adjusted transaction volume has risen in the past few weeks. It ranges from $13.8B to $16.0B. This range has been maintained for three weeks. The volume at the moment is just slightly below the ATH of $16.8B, which was based on April’s price ATH,” Glassnode highlighted.

The whale movements are one of the main reasons for the recent spike in Bitcoin’s overall transaction volume. Large BTC wallets have helped accelerate the movement of the most valuable digital currency in the world between digital wallets and exchanges. The overall Bitcoin exchange supply ratio fell significantly in 2021. However, the trend reversed last week when leading BTC whale accounts began moving the most valuable cryptocurrency worldwide from wallets to the exchanges.

Finance Magnates reported yesterday that a $206 million transfer of Bitcoin was made from a crypto whale account into Binance. We can see that large transactions dominate the current transaction flow if we look at the breakdown by transaction size. Glassnode stated that 2021 saw a notable increase in large-sized transactions ($100k+), as institutional capital and higher prices raise USD denominated values.

Bitcoin’s Bull Run

In the past 12 months, Bitcoin saw an impressive rise in institutional and retail demand. BTC’s price jumped from $10,000 in Oct 2020 to an all time high of $64,000 in April 2021. The recent spike in average transactions size was also due to Bitcoin’s bull market over the past 12 months.

“We can also examine the average transaction size adjusted for entity. After the bull run that began in October 2020, mean value soared to $68k. Then, it slowed to $30k in May and July. Glassnode stated that the mean transaction size over the past 3 weeks has varied from $65k up to an ATH of $84k in the last three weeks.”

RELATED ARTICLES

Most Popular