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Glassnode, a research firm, says that of the $131 trillion in transactions recorded on the Bitcoin (BTC) network, only about 9 percent ($11.63 trillion) are actual transactions between individuals and organizations, with the rest being internal transactions on cryptocurrency exchanges, such as when an exchange moves bitcoins between its own wallets.

Of course, these internal transactions do not affect the price of bitcoin, but they are real for the network and miners receive fees from them.

This statistic shows that the Bitcoin market is still heavily influenced by the activities of large exchanges, and the picture of transaction volume we see may not be an accurate reflection of the actual amount of bitcoin being bought and sold.