Bitcoin on-chain summary: Surge in on-chain transaction volume
Bitcoin's current high volatility and growing spot volume led to a surge in on-chain activity.
May 9th 2022
Source: Blockchain.com
The daily on-chain transaction volume surged 63% over the past week and now sits at $8.3 billion. The massive increase comes from a 66% increase in the average transaction value, as the daily number of on-chain transactions has decreased from last week and is fairly stable.
The rise in the average transaction value is typical in periods of high volatility. The high volatility and many happenings in the market lately have pushed many market participants to move their coins, including to or between exchanges, which is also reflected in the surging spot volume.