Glassnode: Bitcoin on-chain activity is nearly stagnant, with whale transactions accounting for 90%.

According to Gate News bot, The Block reports that the price of Bitcoin may hold above $100,000, but network activity has been unusually quiet, with the number of recent transactions falling to the lowest level since October 2023. Glassnode’s on-chain analysts indicate that the decline in transaction numbers is largely due to a sharp drop in non-monetary activities, such as inscriptions and runes, which had increased usage metrics last year.

In 2023 and 2024, the number of Bitcoin network transactions steadily climbed, reaching a peak of 734,000 transactions per day. However, analysts pointed out in a report on June 19 that since the beginning of 2025, network throughput has significantly decreased, with daily transactions dropping to between 320,000 and 500,000, a substantial decline from the earlier highs of this cycle.

However, analysts indicate that despite the overall trading volume decreasing, the average transaction size has significantly increased, suggesting that large entities such as institutions, high-net-worth individuals, or “whales” are still using Bitcoin’s underlying technology for large transfers, and are increasingly taking a dominant position.

Currently, the average daily settlement amount on the Bitcoin blockchain is $7.5 billion, reaching a peak of $16 billion when it first broke the historical high of $100,000 in November. Currently, the average transaction amount is $36,200, with transactions exceeding $100,000 accounting for 89% of the total transaction volume, up from 66% at the end of 2022. In contrast, according to Glassnode, the proportion of transactions involving $100,000 or less in the total transaction volume has decreased from 34% to just 11%.