According to data disclosed by the blockchain analysis company Glassnode, the settlement and transfer volume of the Bitcoin network in the past three years has dropped significantly since the beginning of 2021, from a cycle high of $13.1 billion to a cycle low of $1.9 billion. a drop of 85.5%.
While transfer volumes in 2023 are up slightly, they are still within the range of recent cycle lows, between $1.9 billion and $4.4 billion.
Additionally, there has been a similar structural decline in exchange deposits, from a peak of $4.2 billion in May 2021 to a low of $343.4 million today (-91.8%).