- Institutional investors dominate the Bitcoin market. The transaction number decreases, but the average value increases, which is seen as the maturation of the market.
- The participation of private investors decreases, which indicates their careful mood while large wallets accumulate.
The recent increase in the Bitcoin course over the $ 100,000 mark shows a shift in market dynamics, with institutional investors increasingly dominating the activity in the network. In contrast to earlier relaxation, which were driven by the enthusiasm of the small investors and widespread transaction growth, the current data show a decline in the total transaction figures while increasing resolution volumes.
The blockchain analyzes from Glassnode show a clear change in Bitcoin network use in 2025. The daily transactions fell from over 730,000 in late 2024 to a range between 320,000 and 500,000, which means a decrease. The decline is largely due to a decline in non-monetary transactions such as inscriptions and runes, which previously drove up the throughput of the network, but do not represent a direct transfer of money.
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.
Discover more in the latest Week… pic.twitter.com/vLhL7sllKK
— glassnode (@glassnode) June 19, 2025
Despite the decline in transactions, the economic throughput of the network is still historically high. The daily turnover is around $ 7.5 billion, which indicates that larger transactions continue to be carried out. In addition, the average transaction size has increased to around $ 36,000, which shows a clear concentration of network activities on transfers with high value.
It is even more noticeable that transactions over $ 100,000 now make up 89% of the total volume of Bitcoin compared to 66% in 2022. This increase confirms that institutional investors and large investors drive a large part of the current activity of the network. The data indicate that the Bitcoin network is increasingly being used as a handling level for large transfers and not as a platform for frequent minor payments, as are typical for private users.
Fee trends reflect market maturity
Glassnode’s data also indicate an unusual fee pattern that deviates from the historical norms. Usually a bull market, which goes hand in hand with record prices, triggers tips in the transaction fees caused by the overload of the network. But even when Bitcoin crossed the $ 100,000 mark, the transaction fees remained relatively low.
This anomaly can be explained by the fact that institutional actors use optimized transaction methods and derivative products that reduce the pressure on the fees in the chain. The increasing use of derivative markets, futures and options reflects a mature ecosystem that focuses more on risk management and capital efficiency than on speculative trade.
The on-chain wallet data Show a division into “elite” of Wallets, which belong to large owners, and smaller, “mortal” wallets associated with small investors. According to Santiment, the big wallets continuously accumulated Bitcoin, while the small investor wallets reduced their stocks. This divergence is often preceded by bullish market phases, since the accumulation by great owners signals trust.
Conversely, small dealers show an increasing impatience and a declining mood. The Bitcoin Fear and Greed Index movescurrently in the neutral area and thus reflects a careful market environment. The reduced activity of retail in connection with the accumulation of institutional investors shows that the large actors are increasingly determining market dynamics.
Price records despite the lower trading volume
At the time of the creation of this report, Bitcoin closed at $ 105,795, which corresponds to an increase from 1.19 % within 24 hours. The entire market capitalization reached around $ 2.1 trillion and thus consolidated Bitcoin’s status as a dominant digital asset. However, the 24-hour trading volume went back to around $ 40.45 billion by 6.65 %, which indicates less hectic trade despite increasing prices.
The upper limit of the Bitcoin offer of 21 million coins continues to underline its rarity, since around 19.88 million BTC are currently in circulation. This scarcity remains a key factor that supports the evaluation in the middle of the fluctuating market dynamics.
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