Over $8 Billion: Bitcoin Weekly Transactions Volume Reaches a New All-Time High

2021-09-03 23:52:13 Primitive Reading

While the price of bitcoin seems stuck beneath the $50,000 line, the network has actually seen a few all-time highs lately. On-chain data revealed that the weekly BTC transaction volume has exploded to a fresh record, while the number of token holders is recovering nicely.

Transactions on the Bitcoin Network to New Highs

The analytics company Glassnode recently highlighted the massive uptick in transaction volume on the Bitcoin network. The firm’s data shows that the average weekly transaction volume (an hourly chart with a 7-day moving average) has surged to a new all-time high of over $8 billion. This impressive number was actually more than 50% higher than the previous record.

Bitcoin Transaction Volume. Source: Glassnode

It’s worth noting, though, that this significant number most likely doesn’t mean that the transfers occurred between regular users. Further data indicated that the Entity Adjusted Transfer Volume in USD doesn’t show the same increase as the aforementioned raw figure.

Consequently, the most probable explanation is that the spike could have been from internal transfers, which is something the relatively calm mempool supports.

Bitcoin Mempool Size. Source: Blockchain.com

BTC Holders on the Rise Again

At the same time, Glassnode outlined that the number of bitcoin holders has recovered some ground following the recent declines. As previously reported, retail investors tend to join the craze when the price pumps and retreat when it slumps.

As such, the number of wallets with one or less than one BTC dropped after the mid-May correction. Now, though, as the cryptocurrency has neared $50,000 once more, those investors started to come back.

Firstly, the non-zero addresses are above 38 million once again, which represents a monthly high. This means an increase of around half a million since the start of August.

Those holding at least 0.01 coins have gone to a three-month record at just over nine million. They peaked in April and May (following the price ATH) at about 9.2 million.

Bitcoin Wallets 0.01 BTC. Source: Glassnode

Another record not seen in three months came from wallets containing 0.1 or more coins. There’re currently 3.2 million such addresses – up by 100,000 since mid-July.

The wholecoiners – meaning wallets with at least one full bitcoin – have increased from 792,500 in June to 808,300 now.

Disclaimer: This specification is preliminary and is subject to change at any time without notice. Amazon Finance assumes no responsibility for any errors contained herein.