Bitcoin's adjusted on-chain volume in October hit its highest level since July 2019: data

Bitcoin’s adjusted on-chain volume in October reached its highest level since July 2019, according to data reported by The Block. The measure points to a notable increase in activity recorded on the Bitcoin network during the month.

Adjusted on-chain volume is used to track bitcoin moving across the blockchain while attempting to account for transfers that may not reflect distinct economic activity. Bitcoin’s blockchain is a public ledger that records transactions between network addresses, making on-chain data a closely watched indicator of network usage.

The October reading places adjusted on-chain activity at its strongest level in more than five years, based on the data cited by The Block. On-chain volume is one of several metrics monitored by market participants and researchers alongside transaction counts, fees and other indicators of activity on the Bitcoin network.