The transfer volume on the Bitcoin network can help gauge the current level of network activity and provide a better understanding of how much value the network is moving in BTC and USD denominations. To measure total transfer volume, we use Glassnode’s entity-adjusted metrics which uses advanced heuristics to determine and exclude volume transferred within addresses of the same entity.

Using a 30-day average of transfer volume in BTC, the network reached a three-year high, moving 318,830 bitcoin at its peak in early October. Since then it’s slowed down to around 275,000 bitcoin per day. Yet with the price increase, total transfer volume in USD is sustaining $15 billion transferred on the network per day throughout October. 

We can break down the total transfer volume in USD categorizing smaller and larger transfer volumes. The lion’s share of total transfer volume on the network comes from transactions moving $1 million-plus in value which now makes up 81.56% of all transfer volume. This trend of increasing share of $1 million-plus volume to total volume has been rising since late 2020 with a recent surge in September. In layman’s terms, more of the big money is moving around the network than ever before, especially over the last two months.