On the surface, the big coin is calm above $100,000 every day, but on-chain it feels as desolate as an abandoned new area: the number of transactions has dropped to 320,000 to 500,000 per day, which is the coldest wave since October last year.
Glassnode directly points out: the cooling of non-financial uses such as inscriptions and runes is the main reason for the sharp decline in transaction volume.
But if you really think that no one is playing with the big coin, then you are gravely mistaken.
The key lies in the quality of transactions rather than the quantity:
The amount per transaction has surged to $36,000.
More than 89% of transactions are greater than $100,000.
High-net-worth players, institutions, and certain exchanges are still moving large amounts at the bottom level.
The daily settlement volume is still as high as $7.5 billion.
To put it bluntly, the small investors are exiting, while the whales control the main stage.
What's even more exaggerated is that off-chain is the real battlefield:
Just in futures, the daily average trading volume is $57 billion, peaking at $122 billion. The total of spot and derivatives is 7 to 16 times the on-chain trading volume. Once the ETF is launched, funds will directly flow to derivatives, on-chain transactions are low-cost and low-heat, but the entire market's leverage heat wave is building up.
Glassnode: Traditional on-chain indicators are becoming hard to see in this bull market.
But don't forget, on the Bitcoin chain, it is always the 'underlying operating system'. No matter how crazy it gets off-chain, it ultimately has to return to this chain for settlement.
Is it quietly accumulating energy, or is it the calm before the storm?
Do you think it's time to pay attention to the movements of these whales?
