- Bitcoin’s on-chain transaction volume with values of at least $1 million has risen 10% since the beginning of August and accounts for nearly 70% of the total value transferred.
This blockchain metric represents rising institutional activities on the Bitcoin network because “retail investors rarely move transactions [with values of at least $1 million] on a scale to create such dominance,” said a blockchain analyst at Glassnode who goes by the name “Checkmate.”
“The rising dominance also correlates with [massive] Coinbase exchange outflows since December 2020, which we also assign to likely US institutions,” the analyst added.
Bearer bonds. Tellin' ya.