Glassnode: Bitcoin On-Chain Activity Hits Multi-Month Low as Whales Drive Big Transactions

Glassnode reports a significant slowdown in Bitcoin’s on-chain activity, with daily transactions falling to 320,000–500,000—the lowest level since late 2023. While transaction counts have halved from the 2024 peak of 734,000, average transaction size has grown to $36,200, indicating whale and institutional dominance. Transfers over $100,000 now represent 89% of volume, up from 66% in 2022. Miner fees have plunged to roughly $500,000 daily, an 18-month low. Off-chain trading outpaces on-chain volume by 7–16x: futures average $57 billion per day, spot $10 billion. Open interest in futures and options stands at $96 billion, nearly nine times 2020 levels, and stablecoins have become primary collateral. This shift underscores a maturing market structure, with smaller retail activity moving off-chain.