Bitcoin network activity shows a decline in transactions but a rise in settlement volume, “pointing to increased usage by large entities,” reported Glassnode on June 19.

It added that a “clear divergence” has emerged between market valuation and network activity, indicating that large institutions are becoming more dominant in network activity.

Daily Bitcoin transactions have dropped from peaks of over 730,000 to around 320,000 to 500,000 in 2025. This has been primarily due to a sharp decrease in non-monetary transactions such as Inscriptions and Runes, it noted.

Since the start of 2025, non-monetary activity has “declined significantly, heavily contributing to the recent contraction in overall network throughput.”

Despite #Bitcoin’s elevated price, a clear divergence has emerged between market valuation and network activity. In this report, we explore activity across both on and off-chain markets, and examine how network metrics have changed this cycle.

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Transaction Size Matters

One of the key findings from the analysts was a change in transaction size. The economic volume settled on the network has remained historically elevated, with a yearly average of $7.5 billion settled per day, it noted.

However, the average transaction size has grown to around $36,000, indicating larger entities are increasingly dominating network usage. Additionally, transactions over $100,000 now account for 89% of network volume, up from 66% in 2022.

“This trend implies that larger entities continue to utilize the Bitcoin network, with the throughput per transaction rising even as overall activity by count declines.”

Glassnode also reported that transaction fees have dropped, creating a historical divergence. Typically, bull markets near all-time highs see fee spikes due to network congestion, but current fee pressure remains subdued despite elevated prices.

This combination of low transaction count and a heightened volume throughput suggests “large entities” are becoming increasingly dominant for on-chain activity, it stated before concluding:

“This shift highlights the maturation of the derivative complex around digital assets, and a move toward more stable risk management practices.”

Retail Losing Confidence

Meanwhile, Santiment reported that elite wallet and mortal wallet activity are also diverging.

“When large wallets accumulate as retail loses confidence, this is historically the right combination for bullish momentum to inevitably return to crypto markets,” analysts noted.

Additionally, traders are showing signs of “impatience and bearish sentiment,” it noted in a separate post, adding that markets “historically move in the opposite direction of retail’s expectations.”

Meanwhile, the Bitcoin Fear and Greed Index, which measures market sentiment, has returned to neutral as the asset continues to trade sideways.

Bitcoin Fear and Greed Index is 54 Neutral

Current price: $104,276 pic.twitter.com/jhjlSn0s3A