99% of Bitcoin Volume From $100K+ Transactions

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A new report says over 99% of bitcoin volume comes from cryptocurrency transactions over $100,000, IntoTheBlock wrote Friday (March 11).

These “large transactions” show that crypto being an uncorrelated asset class might not be a popular belief, though it doesn’t seem to be deterring interest from regular banks.

Big players in crypto are evolving and there’s been broad interest from multibillion-dollar institutions, which doesn’t seem to be waning. Per the report, there are also signs that institutional demand is growing, even if there’s not much a reflection in the prices.

Additionally, there was a greater dominance of institutions in the third quarter of 2020, and since then, the share of larger transactions has always been above 90%.

Digital currency has been seeing large volumes of money, including non-fungible tokens (NFTs) making more than $17 billion in trading in the last year. That’s an increase of 21,000% over 2020’s total of $82 million.

Read more: NFTs Hit $17B in Trading in 2021, Up 21,000%

There were over 2.5 million crypto wallets belonged to people holding or trading NFTs in 2021. NFT buyers were at 75,000 in numbers in 2020, but had surged to 2.3 million by 2021.

The numbers of people selling the NFTs were also increasing, going from 32,000 in 2020 to 1.2 million in 2021. NFT investors also brought in more profits in 2021, with $5.4 billion coming in and over 470 wallets getting profits over $1 million.

Additionally, Ethereum is the main blockchain used for NFTs, holding 78% of the market share. Ronin is in second place with 19%, while Flow and Inmutable X each hold 6% of the share.

In other news, Binance has debuted its own payments tech firm, Bifinity, which will work with to provide fiat currency on- and off-ramps for crypto exchanges.

See also: Binance Jumps Into Payments Processing, Eyes Web3

This will let them use digital assets for retail purchases, and will hopefully help empower businesses to adopt crypto and reach new audiences.



About: Forty-two percent of US consumers are more likely to open accounts with FIs that make it easy to auto-share their banking details during sign-up. The PYMNTS study Account Opening And Loan Servicing In The Digital Environmentsurveyed 2,300 consumers to examine how FIs can leverage open banking to engage customers and create a better account opening experience.

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