<ul data-eligibleForWebStory="true"><li>Daily Bitcoin transactions have decreased from a peak of 734,000 in 2024 to between 320,000 and 500,000, but total value transferred remains strong.</li><li>The average daily transaction volume in 2025 is $7.5 billion, rising to $16 billion during the November 2024 rally to $100,000.</li><li>Institutions and high-net-worth individuals now account for 89% of on-chain volume, with transactions over $100,000 dominating.</li><li>Average transaction value stands at $36,200, reflecting a shift towards large-scale transfers over retail activity.</li><li>Despite Bitcoin trading near its all-time high, transaction fees are low and block space demand is subdued due to activity migrating to centralized exchanges.</li><li>Centralized exchanges facilitate 7 to 16 times more volume than on-chain platforms across spot, futures, and options markets, indicating investor preference for liquidity and speed.</li><li>Open interest in futures and options markets has reached $96.2 billion, signaling an increase in leveraged trading.</li><li>Stablecoin-backed positions now represent the majority in derivatives trading, contributing to improved market health.</li></ul>

Institutions Now Dominate Bitcoin On-Chain Activity

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