According to a report by cryptocurrency analysis company Glassnode, the transaction volume on the Bitcoin network has increased by 211% year-to-date.
According to the report published by Glassnode on July 1, 2023, the amount of transactions carried out on the Bitcoin network increased from $ 2.16 billion at the beginning of the year to $ 4.6 billion by June 30, 2023. This shows that network usage continues to improve despite the price drop.
However, the report also states that the current transaction value is still 65% lower than the all-time high of $13.1 billion recorded on April 14, 2023, when Bitcoin reached a high of $64,895. This suggests that network activity has yet to reach the levels seen during the 2021 bull market.
Glassnode also analyzed Hot Bitcoin Supply, which is the amount of Bitcoin moving on-chain over the past six months. The report estimates Hot Supply is between 0.67 million and 2.2 million BTC, representing between 3.5% and 11.3% of the total supply.
This ratio in the report is compared to Perpetual Futures Open Position, which is the amount of Bitcoin contracts that have not yet been settled or closed on futures exchanges. The data reveals that these two metrics are of similar size, with a Permanent Futures Open Position of 472,000 BTC and Hot Supply at 511,000 BTC.
This means that there is currently around 983,000 BTC (~$29.5 billion) of volume 'available' for sale, of which just under half is spot Bitcoin.
Glassnode also observed that Bitcoin miners continued to send large amounts of Bitcoin to exchanges after the spot price rose above the psychologically key $30,000 level.
The report states that miners are currently sending $105 million worth of Bitcoin to exchanges, making it the second-largest transfer in USD on record.
The biggest transfer was $141 million on May 19, 2023, when Bitcoin fell below $30,000 for the first time since January.
*Not investment advice.