The hidden signal in Bitcoin’s 439k daily transactions and falling big trades

Price moves have outpaced on-chain transfer value, pointing to concentrated buyers or off-chain settlement.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

More transactions, fewer unique wallets and smaller transfers: Bitcoin’s recent rally is built on concentrated operational activity. Bitcoin's on-chain data shows a rise in daily transactions, a small decline in active wallets, and a drop in the total tokens moved on-chain, a pattern consistent with...