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Bitcoin On-Chain Metrics Crash To Bear Market Levels Despite Price Sitting Close To ATH
- Bitcoin's price is close to its all-time high at $111,700, but on-chain metrics have hit bear market levels.
- Daily Bitcoin transactions have decreased to 320,000-500,000 from a peak of over 730,000 in 2024, indicating quieter network activity.
- The decline in transactions is associated with reduced non-monetary activity on the blockchain, with large institutional players now dominating the network.
- The average transaction volume is now above $36,000, with retail-size transactions under $100,000 constituting less than 1% of the total value transferred.
- Average miner revenue from transaction fees has decreased to $558,000 per day, signaling lower block-space demand.
- Off-chain trading, especially on centralized exchanges, has seen significant growth, with spot volumes exceeding $10 billion per day and futures markets dominating with an average daily volume of $57 billion.
- Options markets are also expanding, handling over $2.4 billion per day.
- The shift to off-chain trading platforms is handling 7 to 16 times more volume than transactions settled directly on the Bitcoin blockchain.
- Glassnode's report indicates a transformation in Bitcoin's ecosystem towards larger institutions over retail traders.
- Bitcoin is currently trading at $103,470, down by 2% in the last 24 hours.
- The analysis points to a change in network usage and transaction patterns despite the price being near all-time highs.
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