The increase in spot and derivative volumes underscores a shift toward off-chain venues, where off-chain volume (spot, futures, options) is consistently 7-16 times larger than on-chain volume.

This transition greatly affects the interpretation of network metrics, as traditional indicators might not fully capture the market's activity. Despite this, the on-chain market remains central to the Bitcoin economy, serving as the foundational layer of the broader ecosystem. Deposits and withdrawals act as the main connection between off-chain platforms and the Bitcoin network, ensuring that on-chain activity continues to be essential for market structure and capital flows.