Total value of Bitcoin network transactions exceeds $100 trillion

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The cumulative value of transactions on the Bitcoin network has surpassed the $100 trillion mark, but actual economic activity on the blockchain lags far behind this estimate. This was stated by Ark Invest analyst David Puell.

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The total value transacted in USD on the #Bitcoin network just passed the 100 trillion mark. pic.twitter.com/zKGicZDfEj

— David Puell (@dpuellARK) August 24, 2022

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Puell cited data from Glassnode. The latter, in its calculations, accounts for transfers between wallets owned by the same users. In his view, the metric tied to real economic activity amounts to $7.3 trillion.

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Hold your horses, cowboys and cowgirls. The above is just a landmark and a factoid, and should be read as such.

For true measurement of cumulative economic activity, 7.3 trillion USD (change-, entity-adjusted) is the mark. pic.twitter.com/oPnuDfUs3S

— David Puell (@dpuellARK) August 24, 2022

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\”Hold your horses, cowboys and cowgirls. The above is merely a landmark and a factoid, and should be read as such. For the true measure of cumulative economic activity, the figure stands at $7.3 trillion (adjusted for changes and entities),\” he wrote.

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To obtain this value, Puell excluded operations not related to transfers between two distinct entities.

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On August 22, the average fee for a Bitcoin transaction fell below $1 — for the first time since July 2020.

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