Glassnode stated that Whale Dominance is Strengthening in Bitcoin: Consistent Transactions are Being Made!

While transaction activity on the Bitcoin (BTC) network has significantly decreased recently, it has been revealed that the dominance of large investors, or whales, over the network is steadily increasing.

According to a report published by crypto analytics firm Glassnode, the number of Bitcoin's on-chain transactions has sharply declined in recent months. While daily transaction numbers reached 734 thousand in 2023, from the beginning of 2025, these figures have decreased to between 320 thousand and 500 thousand, hitting the lowest levels in recent years.

The primary reason for this decline is attributed to the significant reduction of non-monetary activities such as Inscriptions and Runes, which increased transaction volume last year. However, despite the drop in transaction numbers, it appears that the average transaction size has significantly increased. This situation indicates that large investors continue to make high-value transactions on the network.

According to Glassnode data, an average of 7.5 billion dollars worth of transactions occurs daily on the Bitcoin blockchain. The average amount per transaction has reached 36 thousand 200 dollars. The share of transactions over 100 thousand dollars in total volume has risen from 66% to 89%, while small-scale (under 100 thousand dollars) transactions have decreased from 34% to 11%.

On the other hand, off-chain activity is significantly increasing. The daily trading volume in the futures market on centralized exchanges hovers around 57 billion dollars, reaching peaks of 122 billion dollars. Glassnode indicates that the spot Bitcoin ETFs launched in the US in January 2024 have played a role in this transformation.

As a result, while the number of transactions on the Bitcoin network is decreasing, the influence of large investors on the blockchain has never been stronger.