Throughout 2023 and 2024, the number of onache operations per day showed an ascending trend, reaching a peak of 734,000 last November. After the beginning of 2025, the indicator collapsed to the values of 320,000 – 500,000, reaching a minimum since October 2023.
“The number of transactions remains unchanged, but their average dollar value reached $ 36,200. The share of operations in the amount of $ 100,000 increased from 66% in November 2022 to 80% at the moment,” analysts said.
This trend confirms the opinion that large BTC holders are becoming more dominant in onchain activity, Glassnode experts say.
Most of the economy of the first cryptocurrency has moved to offchain, and the spare trade market mainly provide the largest centralized exchanges. Over the past year, the average daily bidding at centralized sites amounted to almost $ 10 billion with a peak of $ 23 billion in November.
But such operations most often do not imply transfer assets on the network, analysts emphasized. According to them, the above changes exerted pressure on the commission income of miners, and the result of the share of network fees in the revenue collapsed below 1%.
Earlier, Santiment experts reported that the confrontation between bulls and bears intensified in the Bitcoin market, but investors have not yet undergone significant changes.
Source: Bits
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