Data from on-chain analytics firm Glassnode revealed how Bitcoin transaction volume compares to traditional payment processors.
Bitcoin currently sees $46.4 billion in daily on-chain volume
As explained by Glassnode in a new job On X, BTC’s on-chain transaction volume currently stands at $46.4 billion per day. transaction volume here it naturally refers to a metric that tracks the total amount of Bitcoin involved in network transfers.
Below is the chart shared by the analytics firm that shows how BTC’s on-chain transaction volume compares to some traditional payment processors.
The trend in the BTC transfer volume over the past decade | Source: Glassnode on X
As the chart shows, Bitcoin’s current on-chain volume of $46.4 billion per day is higher than Visa and Mastercard’s $38.9 billion per day and $24.7 billion per day, respectively.
It is worth noting, however, that this BTC volume includes all sorts of on-chain activities that users can participate in. As such, it contains information about much more than just economic transfers.
In the chart, Glassnode also attached data for a filtered cryptocurrency volume, which provides an estimate of transactions based on the economy.
The analytics firm combined two volumes to arrive at this estimate: spot trading volume (the amount involved in transactions across different spot exchanges) and on-chain adjusted volume.
Adjusted on-chain volume refers to the volume that consists of transactions between different entities. Glassnode defines an entity as a group of addresses that the analytics firm has determined to belong to the same investor through its analysis.
Transactions between addresses of the same investor do not have the same meaning as those between different investors, which is why Glassnode opted for the entity-adjusted approach.
The combined volume of spot and adjusted transactions by the entity currently stands at $6.5 billion per day. It would seem that in terms of economic transaction volume, Bitcoin is well below Mastercard and Visa.
The analytics firm also combined gold and SPX volume data into the same chart, and it appears that both have significantly higher volumes than the others, at $162.6 billion per day and $253 billion per day, respectively.
In other news, the percentage of total BTC supply carrying a certain net amount unrealized profit has plunged to the 75% mark in recent years accidentas Glassnode highlighted in its latest weekly report.
Looks like the value of the metric took a sharp plunge during the crash | Source: Glassnode's The Week Onchain - Week 29, 2024
As the chart shows, this recent drop in profit supply has reached a level that Bitcoin has also reached during previous bull market corrections.
BTC Price
At the time of writing, Bitcoin is trading at around $65,200, up nearly 13% from last week.
The price of the coin seems to have been going up over the last few days | Source: BTCUSD on TradingView
Featured image by Dall-E, Glassnode.com, chart by TradingView.com
