According to recent data on the channel, over the past month, Bitcoin’s entity-adjusted transaction volume has approached $ 16.8 billion.
Popular on-chain data vendor Glassnode has tweeted that the volume of Bitcoin transactions, entity-adjusted ones, has surged close to the April peak of $16.8 billion – an all-time high of this metric set at the Bitcoin price ATH of $64,863 reached on April 16.
According to Glassnode, entity-adjusted metrics can count more or less the actual number of Bitcoin users as opposed to those with multiple wallets. The company has shared the details in a recent Twitter thread.
BTC entity adjusted trading volume soars
According to data shared by Glassnode, over the past few weeks, analysts at the company have noticed a significant increase in the transaction volume adjusted to the Bitcoin entity. The high volume shown by this metric has been demonstrated over the past three weeks.
Current volume is narrowly short of reaching the all-time high of $ 16.8 billion that was seen in April when Bitcoin hit the all-time high of $ 64,860.
Aside from transaction volumes, Glassnode has also tweeted that the average entity-adjusted Bitcoin transaction size has been moving in a range between $65,000 and $84,000 over the past three weeks.
The tweet adds that due to the bull run that started in October 2020 and saw Bitcoin bulls push the price to an all-time high of $ 64,800 in April 2021, the average trading volume hit $ 65,000 before dropping to $ 30,000 in May. July, when the major Bitcoin correction began, taking away about 50% of the ATH’s price.
1 million USD of remittances received in El Salvador in Bitcoin every day
Speaking of Bitcoin transactions, President of El Salvador Nayib Bukele tweeted that currently 2.73 million Salvadorans use the state-developed Chivo wallet for Bitcoin.
This is more than double growth in the past two weeks. On September 18, Bukele announced on his Twitter account that 1.1 million local citizens had started using the Chivo wallet and received $ 30 in Bitcoin for registration each. By that time, 17% of the country’s population had signed up to use this wallet in merely 10 days. 180 new users join the Chivo wallet network every minute, according to its statistics.
Bukele added that around one million USD worth of Bitcoin remittances are inflowing into El Salvador every day at the moment.
Earlier, U.Today reported that the adoption of Bitcoin as a legal tender and a means to send remittances will hit giants like Western Union and Moneygram hard, as these companies have made nearly $ 400 million on them. This country’s remittance fee per year – this is 1.5% of the country’s GDP.
Last year, local citizens received $6 million in remittances from abroad.
