Bitcoin (BTC) transaction activity on the network has significantly decreased recently, while it has been revealed that the dominance of large investors, namely whales, on the network has been steadily increasing.
According to a report published by the crypto analysis company Glassnode, the number of Bitcoin’s on-chain transactions has shown a sharp decline in recent months. While daily transaction numbers reached 734k during 2023, from the beginning of 2025, these figures have fallen to between 320k and 500k, marking the lowest levels in recent years.
The main reason for this decline is attributed to the significant decrease in non-monetary activities such as Inscriptions and Runes, which increased trading volume last year. However, despite the drop in the number of transactions, it appears that the average transaction size that has occurred has risen significantly. This indicates that large investors continue to conduct high-value transactions on the network.
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According to data from Glassnode, an average of $7.5 billion worth of transactions take place on the Bitcoin blockchain daily. The average amount per transaction reached 36,200 dollars. **The share of transactions over $100K ** in total volume increased from 66% to 89%, while small-scale transactions altı( $)100 K decreased from 34% to 11%. On the other hand, miner revenues from transaction fees fell to an average of only $500K per day. This is a sign of calm in the current market, in contrast to heavy network usage and high transaction fees in past bull runs.
Off-chain activity is increasing significantly, in contrast. While the daily trading volume in the futures market on centralized exchanges hovers around 57 billion dollars, it reaches peak levels of 122 billion dollars. Glassnode indicates that the spot Bitcoin ETFs launched in the U.S. in January 2024 have played a role in this transformation.
As a result, while the number of transactions on the Bitcoin network is declining, the influence of large investors on the blockchain has never been stronger.
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Glassnode said that Whale Dominance is Strengthening in Bitcoin: Consistent Transactions are Being Made! - Coin Bulletin
Bitcoin (BTC) transaction activity on the network has significantly decreased recently, while it has been revealed that the dominance of large investors, namely whales, on the network has been steadily increasing.
According to a report published by the crypto analysis company Glassnode, the number of Bitcoin’s on-chain transactions has shown a sharp decline in recent months. While daily transaction numbers reached 734k during 2023, from the beginning of 2025, these figures have fallen to between 320k and 500k, marking the lowest levels in recent years.
The main reason for this decline is attributed to the significant decrease in non-monetary activities such as Inscriptions and Runes, which increased trading volume last year. However, despite the drop in the number of transactions, it appears that the average transaction size that has occurred has risen significantly. This indicates that large investors continue to conduct high-value transactions on the network.
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According to data from Glassnode, an average of $7.5 billion worth of transactions take place on the Bitcoin blockchain daily. The average amount per transaction reached 36,200 dollars. **The share of transactions over $100K ** in total volume increased from 66% to 89%, while small-scale transactions altı( $)100 K decreased from 34% to 11%. On the other hand, miner revenues from transaction fees fell to an average of only $500K per day. This is a sign of calm in the current market, in contrast to heavy network usage and high transaction fees in past bull runs.
Off-chain activity is increasing significantly, in contrast. While the daily trading volume in the futures market on centralized exchanges hovers around 57 billion dollars, it reaches peak levels of 122 billion dollars. Glassnode indicates that the spot Bitcoin ETFs launched in the U.S. in January 2024 have played a role in this transformation.
As a result, while the number of transactions on the Bitcoin network is declining, the influence of large investors on the blockchain has never been stronger.