The cumulative value of transactions on the Bitcoin network has exceeded $100 trillion, but the actual economic activity on the blockchain is much lower than this estimate. Ark Invest analyst David Pewell spoke about this.

Total value traded in USD #Bitcoin The network has crossed the 100 trillion mark. pic.twitter.com/zKGicZDfEj

— David Puell (@dpuellARK) August 24, 2022

Pewell referred to data from the Glassnode service. The latter takes into account transfers between wallets belonging to the same users when calculating. According to him, the indicator for real economic activity is 7.3 trillion dollars.

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

For the actual measure of cumulative economic activity, the mark is $7.3 trillion (change-, asset-adjusted). pic.twitter.com/oPnuDfUs3S

— David Puell (@dpuellARK) August 24, 2022

“Hold your horses and cowboys and cowgirls. The above is just a landmark and a fact, it should be taken as such. For a true measure of cumulative economic activity, the mark is $7.3 trillion (adjusted for exchange and actors),” he wrote.

To arrive at this value, Pewell excluded transactions that did not include transfers between two separate entities.

Recall that on August 22, the average commission for a bitcoin transaction fell below $1 for the first time since July 2020.

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