Bitcoin Entity-Adjusted Transaction Volume Soars to Nearly $16 Billion April ATH, Here’s What It Means
Popular on-chain data vendor Glassnode has tweeted that the volume of Bitcoin transaction, entity-adjusted one, has surged close to the April peak of $16.8 billion – an all-time high of this metric set on the Bitcoin price ATH of $64,863 reached on April 16.
Entity-adjusted metrics allow counting more or less real number of Bitcoin users as opposed to those own several wallets, according to Glassnode. The company shares details in a recent Twitter thread.
BTC entity-adjusted transaction volume soars
According to the data shared by Glassnode, in the past few weeks, the company’s analysts have noticed a major rise in the Bitcoin entity-adjusted volume of transactions. The high volume shown by this metric has been demonstrated over the past three weeks.
The present volume is lacks just little to reach the all-time high of $16.8 billion that was observed in April when Bitcoin hit the $64,860 all-time high.
#Bitcoin entity-adjusted transaction volume has spike in the last few weeks, ranging from between $13.8B and $16.0B.These elevated volumes have been sustained in this range for 3 weeks.Current volume is only slightly less than the ATH of $16.8B set on the price ATH in April. pic.twitter.com/YdvwWymhCi— glassnode (@glassnode) October 1, 2021
Aside from the transaction volume, Glassnode has also tweeted that the average entity-adjusted Bitcoin transaction size has been moving in the range between $65,000 and $84,000 over the past three weeks.
The tweet adds that as a result of the bull run that began in October 2020 and allowed Bitcoin bulls to push the price to the $64,800 all-time high in April 2021, the average transaction volume went as high as $65,000 before dropping to the $30,000 area in May-July, when the major Bitcoin correction started, taking away about 50 percent from the ATH-price.
1 million USD in remittances received in El Salvador in Bitcoin every day
Speaking of Bitcoin transactions, president of El Salvador Nayib Bukele has tweeted that by now, a whopping 2.73 million Salvadorans are using the state-developed Chivo wallet for Bitcoin.
This is a more than double growth in the past two weeks. On September 18, Bukele announced on his Twitter handle that 1.1 million local citizens had started using the Chivo wallet and received $30 worth of Bitcoin for registration each. By that time, 17 percent of the country’s population had signed up to using this wallet in merely ten days. 180 new users are joining the Chivo wallet network every minute, according to his statistics.
Bukele added that around one million USD worth of Bitcoin remittances is inflowing El Salvador every day at the moment.
Earlier, U.Today reported that the adoption of Bitcoin as a legal tender and a way to send remittances will hit such giants as Western Union and Moneygram hard, as these companies had been earning nearly $400 million on remittance fees from this country per year – that is 1.5 percent of the country’s GDP.
Last year, local citizens received $6 million of remittances from abroad.
2.73 million people already using @chivowallet180 new users every minute (users not downloads).1 million dollars in remittances being received every day.#Bitcoin🌋🇸🇻— Nayib Bukele 🇸🇻 (@nayibbukele) October 1, 2021