BTC On-chain transactions have decreased, but whale movements are rather active

According to the analysis of Bitcoin on-chain data, the trading volume has decreased, but the proportion of high-value transactions has increased to a historical level.

According to the Glassnode report, the number of daily on-chain transactions increased to a maximum of 734,000 during 2023-2024, but sharply declined to around 32.5 million in 2025. This suggests a decrease in participation of individual and small-scale investors.

However, the average amount per transaction has significantly increased, with transactions over $100,000 now accounting for 89% of the total. This is a 23% increase compared to 2022's 66%, indicating that fund movement centered around institutions and high-value asset holders (whales) has become active.

On the other hand, the proportion of small transactions under $100,000 has decreased from 34% to 11%. In summary, the BTC network is quiet, but the purchases and movements by 'big hands' have increased.

This can be interpreted to mean that while general investors are observing, institutional buying or rebalancing may be ongoing, and it can be seen as a precursor signal for market reversal.