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Since July this year, the average value of each Bitcoin (BTC) transaction has increased significantly.
Four months ago, the average value of each Bitcoin transaction was about $25,000, but on October 20 it set a new annual high of $151,000 per transaction, an increase of more than 500%.
Average Bitcoin transaction value Source: BitInfoCharts
Data from crypto analytics platform BitInfoCharts shows that in the most recent surge, the average value of bitcoin transactions has increased by nearly $50,000 from $105,000 in the past 48 hours. Soon after Bitcoin’s trading dominance rose to a level not seen since 2017, there was a surge in trading value.
The average transaction value of $151,000 in Bitcoin is 190 times the average transaction value of $793 in Ethereum, which shows that the participation of institutions in the Bitcoin market has increased significantly.
However, in the DeFi boom in August, the daily transaction volume of Ethereum increased by 30%, reaching a two-year high of 1.29 million on August 10. During the same period, the Bitcoin transaction volume continued to hover between 300,000 and 350,000, which mainly indicates that the Ethereum ecosystem has attracted new crypto users.
The number of active Bitcoin addresses has not changed significantly either, fluctuating between 650,000 and 970,000 in the past 4 months.
Number of Bitcoin transactions per day Source: BitInfoCharts
Cumulative data shows that institutional investors have begun to notice that in the past few months, large investment companies like Grayscale and Microstrategy have stockpiled large amounts of Bitcoin and other cryptocurrencies.
As of the end of September, Grayscale controlled at least 449,900 bitcoins, accounting for 2.4% of the current bitcoin supply, while Microstrategy held 38,250 bitcoins.
Two weeks later, Jack Dorsey’s Square purchased 4,709 bitcoins (about $50 million).