Bitcoin on-chain transaction volume exceeds $1.2 trillion! Analyst: BTC supply hits new lows

According to the latest data from The Block, Bitcoin’s on-chain transaction volume has increased significantly recently. As of January 2024, the total amount of Bitcoin on-chain transactions has reached $1.21 trillion, setting a new high since September 2022. And surprisingly, the price of Bitcoin was only around $20,000 at the time.

On-chain transaction volume reached $1.2 trillion in January

Glassnode: Long-term holders have confidence in BTC

Review of 2023 In 2017, except for December, Bitcoin’s on-chain transaction volume has not exceeded $1 trillion. Glassnode analysts pointed out that the active supply of Bitcoin hit an all-time low in December, reflecting investor confidence in Bitcoin. They appear to be awaiting approval for a spot Bitcoin ETF.

According to Glassnode’s latest weekly report, at present, most currency hoarders have not shaken their belief in the volatility of the Bitcoin market. Long-term Bitcoin investors appear to be in no rush to sell their holdings.

On the contrary, they respond to market fluctuations with a calm attitude. It is worth noting that although the absolute number of Bitcoin holders has declined slightly, the proportion of holdings by multiple different age groups shows that investors’ long-term confidence in Bitcoin still exists, although relative to historical highs has declined.

Bitcoin supply

Bitcoin spot ETF trading volume approaches CEX

It is worth noting that the person in charge of on-chain data products at CryptoQuant Garry Thewise also tweeted yesterday that compared with centralized exchanges, ETF trading volume has accounted for a considerable proportion. Once ETF trading volume exceeds centralized exchanges, he pointed out that the impact of large institutions on BTC prices will be greater than it currently is. more significant.

Data shows that the total trading volume of 9 Bitcoin spot ETFs including ARKB, BITB, BRRR, BTCO, BTCW, EZBC, FBTC, GBTC, HODL, and IBIT reached US$1.018 billion on the 2nd. Compared with Next, Bitcoin spot trading volume on centralized exchanges was $1.4 billion.

Comparison of trading volume between centralized exchanges and Bitcoin spot ETFs

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