Bitcoin had a wild ride in 2024, with on-chain data showing a huge jump in user activity, and transaction settlement.
The popular crypto analytics firm, Glassnode pointed out that Bitcoin’s transfer volume, which measures the total amount of Bitcoin involved in transactions, went through the roof, quite literally.
Bitcoin, as monetary settlement network?
When they say “entity-adjusted,” Glassnode mean they’re only counting transfers between different users, not just someone moving their coins around, from one cold storage wallet to another, for example.
Using Glassnode’s entity-adjusted data to remove non-economic transfers, we find that #Bitcoin settled an avg. of $8.7B/day over the last year, totaling $3.2T in true economic activity, showcasing $BTC's role as a medium of exchange at scale: https://t.co/EtA70EXQ9A pic.twitter.com/6jTwpXqXMU
— glassnode (@glassnode) February 5, 2025
Even though things cooled off a bit after Bitcoin flirted with $100,000, the yearly numbers are still impressive.
We’re talking about a 365-day moving average of $8.7 billion, which is not a small number at all.
More users, more transactions, more volume
In total, Bitcoin investors made economic transactions worth $3.2 trillion in 2024. That’s like, all the money.
Glassnode noted in their X post that this shows how important Bitcoin has become for big-time exchanges.
And it’s not just about moving Bitcoin around, because more and more people are putting serious money into it.
Glassnode also shared some info on Bitcoin’s Realized Cap, which basically tells us how much capital investors have collectively used to buy Bitcoin.
Why Bitcoin’s realized cap is a big deal?
The Realized Cap has been growing, too, which means this is the total amount of what was spent on buying Bitcoin sincet he beginning.
Since the low point in November 2022, it has absorbed $450B in capital, reaching a total of around $850B.
Despite all this good news, Bitcoin’s price couldn’t hold onto its gains and is now, in the time of writing went back to $98,400.
Have you read it yet? Bitcoin is America’s new political football?
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
