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On-chain activity for Bitcoin BTC/USD saw a short-term burst of new addresses following the FTX fiasco, but has since cooled considerably.
What happened: According to information from Glassnode, the monthly average of new BTC addresses is now stabilizing against the baseline annual average, suggesting that network usage has yet to reach a consistent recovery and regular.
Despite a short spike in activity, the total value processed by the Bitcoin network fell sharply. Daily transfer volume has fallen from its peak of $40 billion in the third quarter of 2022 to just $5.8 billion to date.
This brings daily settlement volumes back to pre-2020 levels, signaling a pullback in large-scale institutional capital.
See more: Best Crypto Day Trading Strategies
This decline in the dominance of transactions worth $10 million and above suggests a significant decline in capital flows at the institutional level. This is likely indicative of a lack of trust between these institutions, and possibly the eviction of questionable capital associated with FTX/Alameda entities. Despite this, the relative distribution of transfer volume remains a major contributor, with large transfers accounting for 19.0% of the total today, down from 42.8% before the FTX collapse.
Price Action: BTC was trading at $17,191 down 0.17% in the past 24 hours, according to Benzinga Pro.
Read next: Bitcoin, Ethereum, Dogecoin Rise: Analyst Says This ‘ETH Killer’ Still Has a Chance If It Can Survive the ‘Dark Ages’
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