Bitcoin’s price behavior still exceeds the $ 100,000 threshold and is $ 111,700 within a noticeable distance, but the hot chain is a completely different story. According to the latest report from On-chain analytics company GlassNode, Bitcoin’s price is pushing to a new height, but the default blockchain metrics have been extracted. The territory is more commonly It is related to the bear market stage.
Despite the price strength, a quiet blockchain activity
According to A Report report Bitcoin, a variety of warm -chain metrics of GlassNode, a whole chain analysis company, was emphasized mainly by quiet blockchain activities despite the current price exceeding $ 100,000. For example, the daily transaction has now fallen from 320,000 to 500,000 in 2024 peaks in more than 730,000 peaks. This significantly reduces the amount of throughput for. Network operated in a strong price environment.
The slowdown in daily bitcoin transactions is related to the decrease in non -financial activities such as inscriptions and runes that contributed to trading spikes. The actual value transmission in financial transactions has been relatively steady, but the overall network use has decreased. I made a noticeable difference Previous rally on all -time highs is generally accompanied by an increase in chain transactions.
The number of transactions is falling, but the Bitcoin block chain is as follows. Click Hot chain transactions. The average amount of migration was about $ 7.5 billion, reaching $ 16 billion in the first rally in late 2024. But the characteristics of these transactions have changed in the hands of the retailer. The average amount per transaction is over $ 36,000, so an individual with a large -scale institution player is the main user of the Bitcoin network.
I saw them in the sleeves (less than $ 100,000). Relative share of total volume It goes down tremendously. For example, transactions in the range of $ 0 to $ 1,000 indicate less than 1% of the total value sent, down from about 4% at this time.
The fee pressure is lowered while the off chain transaction is dominated.
GlassNode’s report also emphasizes how the commission environment is conquered even if Bitcoin is traded at the highest price ever. The average miner revenue from the transaction fee dropped to $ 558,000 a day. The decrease is partially due to technical improvements such as Segwit and Transaction Batching, but the massive decline in miner revenue represents the noteworthy reduction in the demand for block space and the overall decrease in the number of transactions.
on the other side, Trading activities have been converted to the off chain venue, especially the central exchange. Spot volume often exceeds $ 10 billion a day, while the futures market exceeds $ 570 billion and peaks over $ 120 billion. The option market is also growing, and now we have more than $ 2.4 billion a day. This off -chain platform handles 7 to 16 times more than it has been directly settled in the Bitcoin block chain.
In conclusion, the GlassNode report shows how to change the bitcoin ecosystem and slowly tilted. More towards a large institution Than the retailer. At the time of writing, Bitcoin is $ 103,470, 2% reduction In the last 24 hours.
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