There was a record movement of coins in the BTC network

BTC broke another milestone again. The cryptocurrency has seen an exponential increase in the volume of moving Bitcoin within its network. Seven-day moving average of BTC volume in the network this time broke the record. The volume shows that it was yesterday within the network transferred $ 188 billion. This means that approximately 20% of the market capitalization of Bitcoin has been transferred.

Total BTC transmission volume. Source: Glassnode

The number of coins moved over the net is approximately 3.6 million BTC. The number represents both directions of transactions between individual wallets – the volume transferred to and from exchanges. The price of BTC has always seen an increase in price as the volume has risen. The increased volume always coincided with the increase in price.

BTC activity is declining

Although the volume of transactions is higher, activity in the chain decreases. This suggests that most of this volume comes from a small number of high-volume wallets. Nevertheless, it has an increase in transaction volume tend to push the price up.

Exchange reserves they continue the trend at the lowest level, which shows that investors are still pulling their BTCs out of stock exchanges instead of selling. Current patterns of movement within the network still indicate that investors keep their coins off the exchange. This transfer of BTC to long-term holdings will definitely lead to an increase in price.