Bitcoin network records historic weekly transfer volume
Bitcoin network records historic weekly transfer volume Bitcoin network records historic weekly transfer volume

Although the price of BTC is stuck below $50,000, the cryptocurrency king network has recently recorded some all-time records. On-chain data revealed that BTC’s weekly transaction volume

exploded to new highs, and the number of users holding the asset is slowly recovering.

Bitcoin transaction volume reaches new high

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Analyst firm Glassnode recently highlighted the massive increase in transaction volume on the Bitcoin network. Data released by the firm shows that the average weekly transaction volume (hourly chart with a 7-day moving average) has risen to a new record high of over $8 billion. At the time the record was recorded, the number was actually more than 50% higher than the previous peak.

wolumen bitcoin rekordsource: Glassnode

It is worth noting, however, that such a result most likely does not mean that the transfers took place between regular users. Other data indicated that the adjusted, USD unit transfer volume did not show the same growth as it did in the context of the aforementioned record-breaking number.

As such, the most likely explanation is that the spike may have originated in internal transfers, which the relatively quiet mempool seemed to confirm.

bitcoin mempool source: blockchain.com

BTC holders are on the rise again

Glassnode analysts highlighted that after recent declines, the number of bitcoin holders has definitely increased

.

Retail investors tend to join the rally when the price rises rapidly and withdraw when it falls. As a result, the number of wallets with one or less than one BTC dropped after the mid-May correction. However, now that the cryptocurrency

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has approached $50,000 again, investors have started to come back.

First, non-zero addresses are once again above 38 million, the highest level in the last 30 days. This represents an increase of about half a m

ilion since early August.

Those holding at least 0.01 BTC have set a three-month peak of just over nine million. The last peaks in this range were recorded in April and May at around 9.2 million.

adresy 001 btc

Other record highs that the market hasn’t seen in three months came from wallets containing 0.1 BTC or more. There are now 3.2 million such addresses

– 100,000 more since mid-July.

The number of wallets with at least one bitcoin parked in them has increased from 792,500 in June to 808,300 today, according to Glassnode.

liczba portfeli z całym bitcoinem source: Glassnode

From the Editor

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