Bitcoin’s Economic Impact Soars to $3.2 Trillion in 2024

Bitcoin has experienced a significant surge in user engagement throughout 2024, with on-chain data revealing a remarkable $8.7 billion in average daily transaction volume.

According to analytics firm Glassnode, this increase reflects growing economic activity within the Bitcoin network.

Using Glassnode’s entity-adjusted data to remove non-economic transfers, we find that #Bitcoin settled an avg. of $8.7B/day over the last year, totaling $3.2T in true economic activity, showcasing $BTC ‘s role as a medium of exchange at scale: https://t.co/EtA70EXQ9A pic.twitter.com/6jTwpXqXMU

— glassnode (@glassnode) February 5, 2025

The firm examined Bitcoin’s “Transfer Volume,” a metric tracking the total amount of BTC being transferred across the blockchain. Specifically, Glassnode looked at the entity-adjusted Transfer Volume, which excludes internal wallet transfers within the same investor’s cluster, focusing only on transactions between distinct entities.

This provides a clearer picture of actual economic movement on the network, as transfers between a single investor’s wallets don’t contribute meaningfully to the market.

Throughout the year, the Transfer Volume saw a noticeable spike, especially during Bitcoin’s price rally above $100,000 in late 2024. While the value of the metric has since leveled off, the overall increase in activity signals a rise in Bitcoin’s role in large-scale financial transactions, with a total of $3.2 trillion in economic transactions processed this year alone.

Additionally, the Realized Cap, a measure of Bitcoin’s true market value, has also grown significantly during this period, indicating an increase in the capital invested by Bitcoin holders. This model calculates the value of Bitcoin based on the price at which it was last traded, offering a deeper insight into the capital behind the cryptocurrency’s growth.