Falling market prices causes spike in Bitcoin transactions

A similar value of transactions was last recorded in March, long before the fourth Bitcoin halving was completed on April 20. Post-halving, the daily exchange trade volume on Bitcoin exchanges maintained an average of $30 million.

It is important to note that Blockchain.com collects data from top crypto exchanges and some over-the-counter markets. Therefore, the actual total trading volume is much higher than reported.

Data from Dune Analytics show that over 90% of transactions that went through the Bitcoin network on Aug. 5 were BTC. Other prominent Bitcoin protocols, such as Ordinals, BRC-20 and Runes, together took up less than 9% of the Bitcoin network bandwidth.