Bitcoin Transfer Volume At All-Time Highs

The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

The transfer volume on the Bitcoin network can help gauge the current level of network activity and provide a better understanding of how much value the network is moving in BTC and USD denominations. To measure total transfer volume, we use Glassnode’s entity-adjusted metrics which uses advanced heuristics to determine and exclude volume transferred within addresses of the same entity.

Using a 30-day average of transfer volume in BTC, the network reached a three-year high, moving 318,830 bitcoin at its peak in early October. Since then it’s slowed down to around 275,000 bitcoin per day. Yet with the price increase, total transfer volume in USD is sustaining $15 billion transferred on the network per day throughout October.