Blockchain analytics firm Glassnode has released its latest report on the state of Bitcoin and the broader crypto market, showing a clear shift in on-chain behavior toward institutional and high-net-worth participation.
While the number of daily Bitcoin transactions has declined from its 2024 peak of 734,000 to a range between 320,000 and 500,000, the total value transferred remains strong. The average daily transaction volume in 2025 is $7.5 billion, surging to $16 billion during the November 2024 rally to $100,000.
Glassnode notes that the average transaction value now stands at $36,200, reflecting a greater presence of large-scale transfers, even as retail activity slows.
Institutions in Control
In November 2022, transactions over $100,000 accounted for 66% of on-chain volume. Today, that figure has reached 89%, reinforcing that institutions and high-net-worth individuals now dominate Bitcoin’s blockchain usage.
Despite Bitcoin trading just 6% below its all-time high of $111,700, transaction fees remain low and block space demand is subdued—a sharp contrast to previous bull runs. Glassnode attributes this to the migration of activity to centralized exchanges.
Off-Chain Platforms Lead the Charge
According to the report, centralized exchanges (CEXs) now facilitate 7 to 16 times more volume than on-chain platforms across spot, futures, and options markets. This shift suggests that liquidity and speed offered by CEXs are currently preferred by the majority of crypto investors.
Derivatives and Leverage on the Rise
The report also highlights that open interest across futures and options markets has reached $96.2 billion, signaling a rise in leveraged trading activity. Encouragingly, the quality of collateral has improved, with stablecoin-backed positions now representing the majority, enhancing market health.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/institutions-now-dominate-bitcoin-on-chain-activity/