Data shows large transactions are rising in dominance as whales are moving their coins. This hints at Bitcoin’s increased maturation as a macro asset.
Large Transactions Are On The Rise On The Bitcoin Network
According to the latest weekly report from Glassnode, large transactions are becoming increasingly dominant on the BTC network, hinting that whales and institutional investors are showing rising interest in the crypto. The relevant indicator here is the total transfer volume breakdown by size (7-day moving average). This metric classifies the total transactions happening on the network into specific ranges based on the size of the transfer. trading volume has again surged back recently after plunging down during the month of June and staying low ever since. Such high volumes show that there is a lot of interest going on in the coin right now. There is a box on the chart that covers the volumes between $13.6 billion and $16.8 billion. This box highlights the two regions of most volume where values were close to the all-time-high (ATH). The difference between both the peaks becomes apparent on a closer examination of the chart. It looks like transactions of size higher than $10 million have become increasingly dominant recently, when it wasn’t the case during the bull run in the first half of the year.