The numbers suggest greater business adoption.
On-chain transfer volume reaches 1-year high, only 3.6% via crypto exchanges
The on-chain transfer volume of Bitcoin ( BTC ) has increased significantly in the past month and was able to rise to a one-year high of 3.2 million BTC per day on September 9th. At the same time, the on-chain trading volume for crypto exchanges has decreased, so recently only 3.6% or 115,000 BTC per day were moved via trading platforms.
However, this does not necessarily mean that the trading volume of the crypto exchanges has also decreased, because the majority of trading activity on centralized platforms often takes place “off-chain”, i.e. outside the blockchain. In turn, this value has increased.
Most of the trading activity on crypto exchanges results from the booking in or withdrawal of crypto funds, which is why a reduced trading volume could only indicate that investors move their funds less and not that they are less interested in trading
Since it can be assumed that the increasing transfer volume is not caused by crypto exchanges, it is all the more likely that it is triggered by increased acceptance in the broader economy. On August 21, 2020, this key figure even reached 25 million BTC, but this value is to be regarded as an anomaly because there was no clear trigger for this.