{"id":32968,"date":"2025-06-21T08:31:33","date_gmt":"2025-06-21T08:31:33","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=32968"},"modified":"2025-06-21T08:31:33","modified_gmt":"2025-06-21T08:31:33","slug":"bitcoin-network-quiet-as-a-ghost-town-but-whales-are-making-moves-glassnode-reports","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=32968","title":{"rendered":"Bitcoin Network Quiet as a \u2018Ghost Town,\u2019 But Whales Are Making Moves: Glassnode Reports"},"content":{"rendered":"
\n

Bitcoin\u2019s on-chain network activity is experiencing a notable slowdown, even as the asset attempts to maintain its price above the $105,000 mark. Recent data<\/a> from Glassnode highlights a sharp drop in daily transaction counts, pointing to the lowest network usage since late 2023.<\/p>\n

This trend contrasts with Bitcoin\u2019s bullish momentum, which earlier saw it cross the $111,000 mark last month, reflecting a disconnect between price action and underlying blockchain activity<\/a>.<\/p>\n

High-Value Transfers Dominate On-Chain Volume<\/h2>\n

A majority of the transaction decline stems from a decrease in non-monetary uses such as Inscriptions and Runes. These features contributed to higher on-chain traffic during the last cycle but have since waned.<\/p>\n

\"Bitcoin<\/p>\n

Transaction throughput peaked in 2024 at over 734,000 daily transactions but has now fallen to a range between 320,000 and 500,000 per day, Glassnode reported on June 19. Despite this decline in raw transaction volume, other metrics point to shifting dynamics<\/a> beneath the surface.<\/p>\n

According to Glassnode, the decline in transaction count is accompanied by a sharp increase in average transaction size. Large holders, including institutions and high-net-worth individuals, are increasingly utilizing the Bitcoin base layer for significant value transfers.<\/p>\n

An average of $7.5 billion is being settled daily on the Bitcoin blockchain, with a recorded peak of $16 billion during the all-time high price breakout<\/a> in November 2024. Presently, the average volume per transaction sits at $36,200.<\/p>\n

\"Average<\/p>\n

Transactions exceeding $100,000 now account for 89% of total volume, up from 66% in late 2022. Meanwhile, smaller transfers under $100,000 have shrunk to just 11% of total volume, down from 34% over the same period.<\/p>\n

\"Bitcoin<\/p>\n

Glassnode interprets this trend as evidence of growing whale dominance on-chain, even as smaller investor activity shifts elsewhere. The firm also noted that miner revenue from transaction fees has dropped significantly, now sitting around $500,000 daily, one of the lowest levels observed in the past 18 months.<\/p>\n

Market Activity Shifts to Off-Chain Platforms<\/h2>\n

As on-chain usage declines, trading activity has increasingly migrated to off-chain venues, particularly centralized exchanges. Glassnode notes that the futures market alone averaged $57 billion in daily volume over the past year, peaking at $122 billion.<\/p>\n

\"Futures<\/p>\n

In contrast, spot trading volumes remain considerably lower<\/a>, averaging $10 billion per day with a peak at $23 billion. Collectively, off-chain activity now exceeds on-chain volume by a factor of seven to sixteen.<\/p>\n

The introduction of spot Bitcoin ETFs in the United States in early 2024 has likely contributed to this trend. Glassnode also observed that leverage across derivatives markets<\/a> has expanded, with total open interest in Bitcoin futures and options reaching $96 billion, a nearly nine-fold increase from 2020 levels.<\/p>\n

Importantly, stablecoins have increasingly replaced crypto assets as collateral, particularly following the collapse of FTX. The Glassnode analysts view this as an evolution toward a more mature risk-managed structure in crypto finance.<\/p>\n

\"Bitcoin<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s on-chain network activity is experiencing a notable slowdown, even as the asset attempts to maintain its price above the $105,000 mark. Recent data from Glassnode highlights a sharp drop in daily transaction counts, pointing to the lowest network usage since late 2023. This trend contrasts with Bitcoin\u2019s bullish momentum, which earlier saw it cross […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-32968","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/32968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32968"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/32968\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}