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Original author: UkuriaOC, CryptoVizArt, Glassnode Original translation: AididiaoJP, Foresight News summary The number of on-chain transactions has decreased, but the settlement volume has increased, indicating that usage by large entities has increased. Although the number of transactions has decreased, the average transaction size has increased significantly, indicating that institutions or high net worth participants are dominating on-chain activity. Even as Bitcoin trades near all-time highs, on-chain fees remain subdued and demand for block space remains minimal. This is a significant departure from previous cycles, where price increases were often accompanied by fee spikes due to increased congestion and network usage. Trading activity is increasingly moving off-chain, with centralized exchanges now accounting for the majority of trading volume, especially in the futures market. It is worth noting that the total trading…# Analysis# ethereum# TokenPre
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