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The Bitcoin on-chain activity has decreased dramatically since June and slid right as the market prices sank from their yearly peak. The transactions also saw a spike in October when BTC reached $10,000 again shortly as reported in the BTC news.

The on-chain transactions for BTC correlate with the increased trading interest. This led to a massive slow down of the Bitcoin on-chain activity as the retail holders or whales didn’t quite transfer the funds to exchanges. In the meantime, the bitcoin futures activity increased and expanded without the need for an on-chain transaction.
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The transfers to and from the exchanges also coincide with the bitcoin price action. These trends also turned relatively quickly shortly after.

The new analysis tried to list a few flows to OKEx and the exchange’s BTC price action and the tool provides more clarity about the on-chain bitcoin transaction and the intention to sell more coins. The bitcoin transactions dropped this Monday again to 263,000 for the last day. On average, Bitcoin saw between 300,000 and 400,000 transactions per day with a decreasing trend. The dollar value of the bitcoin transactions remained relatively constant and crossed $1 billion per day.

BTC is an asset that is mostly moved in and out from exchanges as other forms of payment have been abandoned. The coin can be used for payments and it is hard to discern which transactions are used in that manner. The transfers also show low levels of potential spam or any other attempt to overload the mempool. Despite the fluctuations, bitcoin saw an overall improvement over the year and there are even more wallets now containing less than 1 BTC with the inflow of new buyers and investors.

The whale wallets still hold a big chunk of bitcoin and make up a huge portion of transaction activity but stacking the sats seems to have grown as well. The Altcoin transactions follow the same logic and some of the networks carry an extremely high transaction load. EOS is in the lead with more than 42 million transactions and most of them are related to the minting of the EIDOS token.