Bitcoin saw a big surge in on-chain transaction volume, with $37.4 billion worth of transactions happening on Tuesday. This is the highest on-chain volume
Bitcoin (BTC) saw a large surge in on-chain transaction volume on Tuesday, with $37.4 billion worth of transactions happening. This is the highest on-chain volume since March 12, 2024.
The spike, according to data from Santiment and Lookonchain, was caused by dormant Bitcoin coming back into circulation, especially from whales. One transfer highlighted by Lookonchain showed $15.6 million in Bitcoin moved from Binance.
This activity, especially when referring to older BTC coins, often signals significant market shifts, as long-held Bitcoin tends to influence future price movements.
Bitcoin Transaction Volume Spikes to 7-Month High
Bitcoin’s on-chain transaction volume has seen a significant increase, reaching its highest point in the last seven months. According to data from Santiment, on Tuesday, on-chain transaction volume reached $37.4 billion, the highest since March 12, 2024.
This increase in transaction volume happened at the same time as a notable age-consumed spike. This indicator suggests that older, inactive Bitcoin holdings are being transferred. One of these large transfers, highlighted by Lookonchain, showed $15.6 million worth of Bitcoin moved from Binance.
This activity often signals significant market shifts, as long-held Bitcoin tends to influence future price movements.
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