23 days ago • Posted by William Ramstein

Bitcoin total transfer volume close to ATH

On-chain settlement in USD terms is close to an ATH this week with $55B settled per day. This is 60% more volume than the 2017 peak. This is a huge volume of coins on the move. According to Glassnode, this movement is driven mainly by short term holders--in contrast, long term holders of BTC are more reluctant to sell at a depreciating price despite taking profits during the early 2020 rally. There appears to be a fight between HODLer conviction and immediate buying power.

Source: Glassnode