Bitcoin’s average transaction value has surged abruptly since the start of July 2020. After presenting an increase of over 500%, the average transaction price hit $151,00 per transfer on October 20.
According to data from the crypto analytics platform BitInfoCharts, the average transaction value of Bitcoin rallied to $151k from $69.8k, while Ethereum’s average transaction value plummeted to $0.8k from $1.35k.
However, reports disclosed that the number of daily Ethereum based transactions hit a 2-year high, thanks to the DeFi boom. After surging more than 30%, Ethereum daily transactions surpassed the 1.29 million threshold on August 10. Whereas Bitcoin daily transactions circles between 300k and 350k during the same period.
Institutional Investors Interest in Bitcoin Surge
The dramatically increasing Bitcoin (BTC) transaction figures exhibit that institutional investors are actively taking notice. Market analysis and industry inside reports suggest that the giant investment firms, including Grayscale and Microstrategy, have grown their acquisition of BTC and other cryptos over the past few months.
As per Bitcoin Treasuries analysis, Grayscale currently holds more than 785,000 BTC, worth almost $9.18 billion at the time of reporting. While Stone Ridge has recently added $115 million in Bitcoin, and Microstrategy possesses 38,250 BTC.