Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The dollar value of the mean onchain transfers on the Bitcoin blockchain remain well below the 2021 peak, data tracked by Glassnode show.
The divergence partly represents strong holding sentiment in the market, according to one research firm. Data tracking firm Glassnode defines transfer volume as the U.S. dollar value of the total BTC transferred on-chain. The metric considers only successful transfers.At press time, the seven-day and 14-day average mean transfer volume stood below $200,000, a far cry from $1 million and higher during the 2021 bull market, data tracked by Glassnode show.of the Nasdaq-listed spot bitcoin ETFs has been the primary reason for bitcoin's latest rally.
For instance, the percentage of bitcoin supply that was last active between hree and five years ago continues to increase. Several analysts expect bitcoin's price to rally into six figures in the coming months,
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