October was quite a month for Bitcoin which went on to record a new ATH when it comes to daily transfer volumes thus reflecting the increasing value of the network and the degree of activity registered on it.
Bitcoin Moved $15 Billion / Day During October
According to an analysis by Glassnode regarding the number of transactions between various entities involving Bitcoin, it was discovered that the King of Crypto actually went on to sustain a $15 billion transaction volume per day during the previous month.
Glassnode took into consideration the total network transfer volume that was adjusted to a period of 30-days metric which resulted in Bitcoin reaching a 3-year high – in fact, in the first couple of days in October, it scaled 318,830 Bitcoin, which was an ATH.
In the next couple of weeks, the numbers fell to 275,000 Bitcoin but it didn’t affect the transaction volume too much as this happened at the same time that the price of the coin began to grow again.
Taking into account this information, it is safe to assume that both institutional, and retail investors are relying on BTC in order to make transactions involving large sums of money.
A further glance at the data involving transfer volume indicates that transactions that are above the $1 million level represent the majority in this case accounting for 81.56% of the transactions. This was mostly seen during the months of September and October when the network began being used to move larger quantities of money than ever before.
On top of that, from the total of transactions that were worth more than $1 million, we can see that transactions that moved more than $10 million represent the majority as they came in at 61.7%.
Since autumn began, Bitcoin gained in value again and has reintroduced itself on the market as the dominant form of cryptocurrencies in the industry.