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Bitcoin On-Chain Volume Soars as Bitcoin Hits $58,400 All-Time High: Santiment

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Mon, 02/22/2021 - 10:38
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Yuri Molchan
Santiment agency has announced that the volume of Bitcoin on-chain transfers keeps rising as BTC has hit a new historic peak of $58,400 per coin
Bitcoin On-Chain Volume Soars as Bitcoin Hits $58,400 All-Time High: Santiment
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Popular data provider Santiment has tweeted that, while Bitcoin reached a new all-time high earlier today and touched the $58,400 level, the volume of Bitcoin on-chain transactions keeps rising.

Bitcoin on-chain volume matches that of January 2018

Santiment analytics team has taken to Twitter to announce that, while the world's flagship cryptocurrency has tapped another consecutive all-time high of $58,355, the volume of Bitcoin on-chain transactions continues to rise.

As per the tweet, the recent daily average value was close to $28 billion, which is similar to the on-chain BTC volume seen in January 2018the period after Bitcoin hit $20,000 for the first time and the start of the so-called crypto winter that lasted for about two years.

As for the previous all-time high, on Saturday, Bitcoin sprang above the $57,000 mark.

On-chain transfers are verified and recorded on the blockchain. Off-chain transactions refer to purchases of small things with cash or spending money via payment systems such as PayPal.

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Image via Twitter

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Bitcoin exchange outflow volume hits one-month high

Another analytics aggregator, Glassnode, has reported that several other Bitcoin on-chain fundamentals have also improved and are showing a rise.

According to its tweet, the value of Bitcoin moving out of crypto exchanges has hit a one-month high of $102,299,130.40.

On Sunday, this high totaled $102,157,190.39.

Now, financial institutions and retail holders are withdrawing BTC into cold storage vaults and experts are expecting a Bitcoin liquidity crisis soon.

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Image via Twitter

In the meantime, the number of Bitcoin wallets making a profit has spiked to a one-month high of 99.4 percent, and the number of non-zero BTC wallets has hit an all-time high of 35,502,504.

So far, 2021 has been good for Bitcoin as more and more big financial institutions are getting into it.

Tesla has bet $1.5 billion on BTC, and MicroStrategy has raised another $1.3 billion from shareholders to purchase more Bitcoin.

The amount of crypto assets under the management of Grayscale Investments now totals $40 billion, which is a double rise since the start of the year.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.