Analysis Company Releases Critical Weekly Report for Bitcoin! Is BTC healthy in the current situation?

In its latest report, cryptocurrency analysis firm Glassnode has evaluated the current state of the cryptocurrency market in general.

In the report, it was pointed out that while the number of transactions on the network decreased, the total amount of value carried increased. This situation reveals that especially large investors and companies are becoming more and more 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, reaching a peak of 734 thousand transactions. However, from the beginning of 2025, this number has seriously decreased. The number of daily transactions is currently hovering between 320,000 and 500,000. Despite this, the economic value carried on the Bitcoin network remains at fairly high levels. While an annual average of $7.5 billion is transferred daily, this value reached $16 billion when the record of $100,000 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 contains a significant amount of value. This trend shows that the Bitcoin network is mostly used for high-value transfers, with individual users relatively decreasing.

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

Although the price of Bitcoin is only 6% away from its all-time high of $111,700, transaction fees remain low and demand for block space remains weak. While in previous cycles, periods of high prices were often accompanied by increased network congestion and transaction fees, this cycle has seen a marked divergence. Glassnode states that the main reason for this is the shift of activity to off-chain platforms.

Centralized exchanges (CEX) in particular, currently account for the bulk of cryptocurrency trading volume. Spot, futures, and options trading collectively surpass on-chain trading by 7 to 16 times. This shows that the majority of investors now prefer centralized platforms instead of 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 dollars. This indicates that the amount of leveraged trading in the market has increased. However, as a positive development, it is stated that the collateral used for open positions has become healthier. It is emphasized that positions collateralized with stablecoins now constitute the majority.

*It is not investment advice.

Follow our Telegram group, Twitter account, and Youtube channel immediately for exclusive news, analyses, and on-chain data! Also, start live price tracking by downloading our Android and IOS applications right away!