tl;dr
Bitcoin network activity in 2025 shows a decline in daily transactions from over 730,000 to between 320,000 and 500,000, mainly due to a drop in non-monetary transactions like Inscriptions and Runes. Despite this, settlement volume remains high, averaging $7.5 billion daily, with the average transac...
The Bitcoin network in 2025 exhibits a notable decline in daily transaction counts, dropping from over 730,000 to a range between 320,000 and 500,000. This contraction is largely attributed to a sharp decrease in non-monetary transactions such as Inscriptions and Runes. Despite this reduction in activity by count, the overall settlement volume remains robust, averaging $7.5 billion daily, signaling that large entities are increasingly using the network.
One key trend is the significant growth in average Bitcoin transaction size, now around $36,000. Transactions exceeding $100,000 constitute 89% of the total network volume, up markedly from 66% in 2022. This dominance by bigger players indicates a shift toward more concentrated and substantial transaction activity within the network, pointing to a rising influence of institutional and large-scale investors.
Interestingly, transaction fees have decreased alongside this trend, despite Bitcoin’s high market price. This divergence from typical bull market behavior, where congestion and fees usually spike, suggests that network congestion is subdued. It also reflects the maturation of digital asset derivatives markets and the implementation of more stable risk management practices by large entities.
Meanwhile, retail investor activity has softened, with declining confidence mirrored by reduced retail transaction participation. However, large wallets continue to accumulate Bitcoin, a historical indicator that bullish momentum may soon return to crypto markets. Traders show signs of impatience and bearish sentiment, yet past patterns reveal that market movements often defy retail expectations.
The Bitcoin Fear and Greed Index remains neutral at 54, with the price steady around $104,276, reinforcing the current market indecision but underlying stability. Overall, the data underscores a divergence between market valuation and network activity, highlighting the growing role of large players in shaping on-chain metrics and market dynamics going forward.