In its latest report, analytics company Glassnode evaluates the current state of Bitcoin and the cryptocurrency market, highlighting changes in investor behavior and trends.
Decrease in Bitcoin Network Transactions
Glassnode notes that the number of transactions on the Bitcoin network has decreased; however, the total value moved has increased. In 2023 and 2024, the number of daily transactions peaked at 734,000, but this number significantly declined since the beginning of 2025. Currently, daily transactions range between 320,000 and 500,000.
Increase in Transaction Value and Institutional Investor Share
Despite the decrease in transactions, the economic value carried on the Bitcoin network remains high. The average volume of each transaction is approximately $36,200, indicating that the network is primarily used for high-value transfers, with a relative decrease in individual users. The share of transactions over $100,000 in total transaction volume increased from 66% in November 2022 to 89% today, highlighting the growing influence of institutional investors and high-net-worth individuals.
Shift to Centralized Platforms and Derivatives Market Status
The report also points out that centralized exchanges (CEX) currently account for most of the cryptocurrency trading volume, surpassing both spot and futures trading. This suggests a preference among investors for centralized platforms. Furthermore, the total value of open positions in futures and options markets has reached $96.2 billion, indicating an increase in leveraged transactions in the market. Moreover, the quality of collateral has improved, with positions collateralized by stablecoins now making up the majority.
Glassnode's report highlights the shifting dynamics of the cryptocurrency market, emphasizing the decrease in transaction count and the increase in value, directly linked to the rising influence of institutional investors and the transition to centralized platforms.
