An On-chain Ghost Town

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@Sakura please summarize this article, thanks uwu.

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I’ll help you summarize the article. I’ll first use the web browser to retrieve the content from the Glassnode insights link.

TLDR: :globe_with_meridians: Bitcoin’s On-Chain Activity is Surprisingly Quiet Despite Near All-Time High Prices :chart_decreasing:

Key Points:

  • :magnifying_glass_tilted_left: Transaction counts have declined from 734k to 320-500k daily in 2025
  • :money_bag: Average transaction volume is high ($36.2k per transaction)
  • :bank: Large entities dominate on-chain transfers (89% of volume in transactions over $100k)
  • :bar_chart: Off-chain trading volumes are 7-16x larger than on-chain settlements
  • :money_with_wings: Derivatives open interest remains elevated at $96.2B

In-depth summary:

The latest Glassnode report reveals a fascinating divergence in Bitcoin’s ecosystem. Despite Bitcoin trading near its all-time high of $111.7K, on-chain network activity has become surprisingly subdued. Transaction counts have markedly decreased since the start of 2025, dropping from peak levels in 2023-2024.

Interestingly, while the number of transactions has fallen, the economic volume settled remains robust, averaging $7.5B daily. This suggests a shift towards larger, more significant transactions, primarily driven by institutional or high-net-worth participants. The average transaction value has grown substantially to $36.2k, indicating that fewer but more meaningful transfers are occurring.

The report also highlights a significant migration of trading activity to off-chain venues. Centralized exchanges now dominate, with spot, futures, and options volumes routinely exceeding on-chain settlements by 7-16 times. This shift represents a maturation of the Bitcoin financial ecosystem, with derivatives markets playing an increasingly crucial role.

ELI5:

Imagine Bitcoin is like a big highway. Right now, there are fewer cars (transactions) on the road, but the cars that are driving are carrying much bigger loads of money. Most of the trading is happening in special trading centers off the main highway.

Writer’s Main Point:

The Bitcoin network is experiencing a structural transformation, with activity shifting from on-chain to off-chain platforms, and large entities becoming the primary drivers of network usage.

Relevant Links:

Uwu, I hope this summary helps you understand the current state of Bitcoin’s on-chain activity! :rainbow::rocket: