According to Glassnode, a firm specializing in on-chain analytics, Bitcoin’s transfer volume remains low, currently at $2.73 billion per day. The transfer volume is 79% lower than its peak during the 2021 bull run. This metric indicates the total value, in USD, of Bitcoin transacted on the blockchain each day. High values indicate current market activity, while low values suggest a decrease in interest from investors. Glassnode’s entity-adjusted total transfer volume measures only transactions among different investors, excluding transfers among wallets belonging to the same investor. The transfer volume has been consistently declining since the 2021 bull run, despite a minor uplift in the second half of the year. The current low volume is concerning for the long-term sustainability of the recent rally that Bitcoin has experienced.

At the time of writing, Bitcoin’s price is $26,800, down 2% over the past week.