Data: Bitcoin Network Settlement Transfer Volume Has Declined by Approximately 85.5%
According to data disclosed by blockchain analytics firm Glassnode, Bitcoin network settlement transfer volume has dropped significantly since early 2021, falling from a cycle high of $13.1 billion to a cycle low of $1.9 billion, representing a decline of 85.5%. While 2023 saw some increase in transfer volume, it remains within the recent cycle low range of $1.9 billion to $4.4 billion.
According to data disclosed by blockchain analytics firm Glassnode, Bitcoin network settlement transfer volume has experienced a significant decline in overall economic throughput since early 2021 over the past three years, dropping from a cycle high of $13.1 billion to a cycle low of $1.9 billion, representing a decline of 85.5%. While 2023 saw some increase in transfer volume, it remains within the recent cycle low range of $1.9 billion to $4.4 billion.
Additionally, exchange deposit volumes have shown a similar structural decline, falling from a peak of $4.2 billion in May 2021 to today's low of $343.4 million (a decrease of -91.8%).