Bitcoin User Engagement Surges With Increased Economic Activity

According to Odaily, a report by Glassnode highlights a significant rise in Bitcoin user engagement in 2024, with on-chain data showing an average daily transaction volume of $8.7 billion. This increase reflects growing economic activity within the Bitcoin network. Glassnode's research focused on Bitcoin's 'Transfer Volume,' an indicator tracking the total amount of BTC transferred on the blockchain. Specifically, the study examined entity-adjusted transfer volume, excluding internal wallet transfers within the same investor cluster and focusing solely on transactions between different entities. This approach provides a clearer picture of actual economic movements on the network, as transfers between individual investor wallets do not significantly impact the market. Throughout the year, there was a noticeable increase in transfer volume, particularly as Bitcoin's price surpassed $100,000 towards the end of 2024. Although this metric has since stabilized, the overall growth in transaction activity indicates Bitcoin's rising role in large-scale financial transactions, processing $3.2 trillion in economic transactions last year alone. Additionally, the realized market capitalization, which measures Bitcoin's true market value, also saw substantial growth during this period, suggesting an increase in the capital invested by Bitcoin holders.