Although the price of Bitcoin appears to stay below $50,000, the network has had historic highs lately. On-chain data shows that BTC’s weekly trading volume has hit a record high and the number of token holders is recovering well.
Transactions on the Bitcoin Network to New Highs
Analyst company Glassnode recently highlighted the dramatic increase in transaction volume on the Bitcoin network. The company’s data shows that the average weekly trading volume (hourly chart with a 7-day moving average) has risen to a record high of over $8 billion. This is more than 50% above the previous record.
It is worth noting, however, that this number doesn’t mean that the transfers occurred between regular users. Additional data showed that the Entity Adjusted Transfer Volume in USD did not show the same increase as the original data above.
Therefore, the most likely explanation is that the spike could be from the internal transfer.
BTC Holders on the Rise Again
At the same time, Glassnode pointed out that the number of Bitcoin holders has rebounded after the recent decline. Most times, retail investors often join the buzz when prices rise and fall behind when prices fall.
Therefore, after the correction in mid-May, the number of wallets with 1 or less BTC decreased. But now that cryptocurrency is back near the $50,000 mark, these investors are returning.
Those who own at least 0.01 coins have hit a three-month record of over 9 million. They peaked in April and May (after the ATH price) at around 9.2 million. Another record not seen in three months comes from a wallet with 0.1 or more coins. There are currently 3.2 million such addresses – an increase of 100,000 since mid-July.
Wholecoiners with at least one full bitcoin in the wallet – has risen from 792,500 in June to 808,300 now.