The value of transactions in the Bitcoin network exceeded $100 trillion

The value of all transactions made during the existence of the Bitcoin network exceeded the mark of $100 trillion. However, the actual economic activity of the network is significantly lower than this estimate. This was reported by Ark Invest analyst David Puell.

The total value transacted in USD on the #Bitcoin network just passed the 100 trillion mark. Data from catalogue cryptod​efix.com. pic.twitter.com/zKGicZDfEj

— David Puell (@dpuellARK) August 24, 2022

In his statement, the analyst refers to data from the Glassnode project. The project takes into account transfers between wallets belonging to the same user. According to Puell, the real value of transactions is $7.3 trillion.

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

To derive this value, he excluded transactions that are not linked between two separate entities.