Analysis Company Releases Critical Weekly Report on Bitcoin – Is BTC Healthy in the Current Situation?

Cryptocurrency analysis company Glassnode has evaluated the current state of Bitcoin and the general cryptocurrency market in its latest report.

The report noted that while the number of transactions on the network has decreased, the total amount of value moved has increased. This situation reveals that especially large investors and companies are becoming increasingly dominant in on-chain activities.

Glassnode reminded that the number of daily transactions on the Bitcoin network showed an upward trend in 2023 and 2024 and reached a peak of 734 thousand transactions. However, this number has decreased significantly since the beginning of 2025. The number of daily transactions currently ranges between 320 thousand and 500 thousand. Despite this, the economic value carried on the Bitcoin network continues to remain at very high levels. While the annual average daily transfer of $ 7.5 billion was made, this value reached $ 16 billion when the record of $ 100 thousand was broken in November 2024.

The average volume of each transaction is currently around $36,200. This shows that although the number of transactions is decreasing, each transaction still contains a significant amount of value. This trend shows that the Bitcoin network is used more for high-value transfers and that individual users are relatively decreasing.

The report stated that the share of transactions over $100,000 in the total transaction volume on the network was 66% in November 2022, and this rate has reached 89% today. This statistic clearly shows that the weight of institutional investors or high-net-worth individuals in on-chain activities has increased over time.

Despite Bitcoin being just 6% away from its all-time high of $111,700, transaction fees remain low and demand for block space remains weak. While periods of high prices in previous cycles were often accompanied by increased network congestion and transaction fees, this cycle is seeing a clear divergence. Glassnode says the main reason for this is the shift of activity to off-chain platforms.

Centralized exchanges (CEX) in particular currently account for the majority of cryptocurrency trading volume, with spot, futures, and options trading collectively exceeding on-chain trading by 7 to 16 times. This suggests that the majority of investors are now opting for centralized platforms over on-chain.

Another noteworthy point in the report is that the total value of open positions in the futures and options markets has reached $96.2 billion. This shows that the amount of leveraged transactions in the market has increased. However, as a pleasing development, it is stated that the collateral used in open positions has become healthier. It is emphasized that positions collateralized by stablecoins in particular now constitute the majority.

*This is not investment advice.