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The transfer volume on the Bitcoin network can help assess the current level of network activity and better understand the value the network is moving in BTC and USD. To measure the total transfer volume, we use Glassnode’s entity-adjusted metrics which use advanced heuristics to determine and exclude the transferred volume in addresses of the same entity.
Using a 30-day average of BTC transfer volume, the network hit a three-year high, moving 318,830 bitcoins at its peak in early October. Since then, it has slowed down to around 275,000 bitcoins per day. Yet with the increase in prices, the total USD transfer volume supports $ 15 billion transferred over the network per day throughout October.
We can break down the total USD transfer volume by categorizing smaller and larger transfer volumes. The lion’s share of total network transfer volume comes from transactions worth over $ 1 million, which now account for 81.56% of total transfer volume. This trend of increasing volume share of over $ 1 million in total volume has been on the rise since late 2020 with a recent increase in September. Simply put, more large sums of money are flowing through the network than ever before, especially in the past two months.
Although $ 1 million plus volume accounts for 81.56% of total volume, $ 10 million plus volume accounts for the majority share of total volume at 61.7%. We can see a spike in activity of over $ 10 million in volume reaching over 75% of total volume slightly ahead of the monthly low in September. This activity is widely supported just before the bitcoin rally, dropping from $ 40,633 to a new all-time high.