Bitcoin's on-chain era is over: Glassnode analysis
Glassnode wrote in its latest Bitcoin report that on-chain movements have decreased significantly, and larger players and whales are affecting the network and price through off-chain and futures transactions. The analysis stated that the era of commenting only on-chain transactions as in the past is over, and now the main factors affecting the price are happening off-chain.
On-chain analysis platform Glassnode stated that transactions on the Bitcoin chain are now changing style. In its latest report, the company wrote that Bitcoin no longer has a system where only small investors buy and sell, but also a system where large players can affect the price and volume outside the chain through futures and derivatives transactions.
The number of daily transactions has decreased, but the amount has increased
The report wrote that the number of daily transactions has decreased significantly compared to 2023 and 2024, and the figure has decreased from approximately 734 thousand transactions to between 320 thousand and 500 thousand in 2025. The decrease in the number of transactions did not reduce the money in transactions. In other words, the number decreased, but the amount increased.
It was reported that a significant portion of the transactions came from large investors and the transaction rate over $ 100 thousand was 89%. According to the analysis, this situation clearly shows that almost all of those actively using the chain are large players.
It was written that although the on-chain volume is low, the volume outside the chain is 7-16 times higher than the on-chain volume. It was emphasized that the majority of transactions are made through futures, options, ETFs and spot exchanges.
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