Bitcoin saw a massive jump in its entity-adjusted transaction volume during the last few weeks. According to Glassnode, the mentioned transaction volume oscillated between $13.8 billion and $16 billion recently.
“Bitcoin entity-adjusted transaction volume has spiked in the last few weeks, ranging from between $13.8B and $16.0B. These elevated volumes have been sustained in this range for 3 weeks. The current volume is only slightly less than the ATH of $16.8B set on the price ATH in April,” Glassnode highlighted.
One of the major reasons behind the latest spike in the overall transaction volume of Bitcoin is its whale movements. Large BTC wallets have accelerated the movement of the world’s most valuable digital currency between exchanges and digital wallets. While the overall Bitcoin exchange supply ratio decreased significantly in 2021, last week saw a turnaround as leading BTC whale accounts started moving the world’s most valuable cryptocurrency from wallets to exchanges.
Yesterday, Finance Magnates reported a transfer worth $206 million of Bitcoin from a crypto whale account to Binance. “If we investigate the breakdown by transaction size, we can see that very large transactions dominate current transaction flow. 2021 has seen notable growth in large size transaction ($100k+) dominance as institutional capital and higher prices lift USD denominated value,” Glassnode explained.
Bitcoin’s Bull Run
Bitcoin saw a substantial jump in retail and institutional demand during the last 12 months. The price of BTC jumped from $10,000 in October 2020 to an all-time high of over $64,000 in April 2021. Bitcoin’s bull run in the last 12 months also played an important role in the recent surge of its average transaction size.
“Lastly, we can also look at the average transaction size on an entity-adjusted basis. The bull run starting in Oct 2020 pushed mean value up to $68k before cooling off to $30k in May-July. Over the last 3 weeks, mean transaction size has ranged from $65k to a new ATH of $84k,” Glassnode concluded.
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