Home » Policy » Bitcoin Transactions Rise, But Exchange Activity Remains Flat: Glassnode

Data show that the number of bitcoin transactions has increased recently, but the transaction center withdrawals and transfers are only arranged horizontally.

The number of Bitcoin transactions has risen sharply recently

According to the analysis of enterprise Glassnode information on the chain, BTC block chain technology theme activities have increased significantly recently. The indicator of interest here is the "transaction count", which takes into account the number of bitcoin transactions made on the Internet at this stage.

If the value of the index is large, it means that the chain sees high demand from the holder. This trend shows that traders are very active in the market at this stage.

On the other hand, the low value and easy consumption of this index indicates that the human gas value of BTC block chain technology is relatively low at the present stage. This trend may be a sign that investors have a low interest in the asset at this stage.

Today, the following chart shows the trend in the number of bitcoin transactions in recent years:

Bitcoin Transaction Count

As the picture above shows, as the digital currency falls from the top of the big bull market, the number of bitcoin transactions is getting old. This trend was true during the bear market period in all stock markets until it gradually rebounded this year.

With this new round of price soaring, the index soared sharply and reached a level that will only occur during the great bull market in the first half of 2021. This means that the number of migrations on the chain today is probably the highest in years.

The chart also shows several other indicators-BTC in exchange for savings and withdrawals. As the name of this indicator has long implied, they each warn us of the total amount of money transferred to and from the exchange.

This indicator cannot be confused with the injection and discharge indicators, as the latter takes into account the number of coins injected into and discharged from the exchange, not the number of transactions.

As can be seen from the chart, although the number of bitcoin transactions has soared, the two indicators are once again tidying up the market sideways. This means that the increase in transfers comes almost from the point-to-point (P2P) side, not from the trading center.

This is different from the rebound in April 2019 and the great bull market in 2021, when there was at least some increase in the prices of transactions related to trading centres.

Because ordinal agreements have also appeared in the past six months, which is a way to immediately load them into the bitcoin blockchain (basically the BTC version of NFT), the increase in the number of transactions is likely to be driven in part by such transmissions made by using the protocol.

Bitcoin market

At the time of writing, Bitcoin traded at about $28200, up 14% last week.

Bitcoin Price Chart

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