Bitcoin On-Chain Volume Hits $698B in a Week, Highest Since 2022

On Wednesday, blockchain analytics firm Sentora reported a sharp rise in Bitcoin’s on-chain transaction volume. The volume reached $698.88 billion for the week of July 14, 2025, marking the highest weekly total since 2022.

On-chain Bitcoin transaction volumes hit the highest weekly values since 2022 last week! pic.twitter.com/6KIQc3pXwM

— Sentora (previously IntoTheBlock) (@SentoraHQ) July 23, 2025

Notably, the spike in volume coincided with bitcoin’s price surpassing $123,000 to set a new all-time high. The surge reflects growing market interest amid what analysts view as a broader recovery in the digital asset space.

Bitcoin Network Activity Surges

According to data from Sentora, weekly on-chain volume has remained mostly stable since early 2023. However, the recent jump signals a renewed push for on-chain settlement and large-value fund movements.

The last time Bitcoin saw similar weekly volume levels was during the 2021–2022 bull run. At that time, weekly on-chain settlements occasionally surpassed $2 trillion, although current levels remain well below that peak.

Despite that, a return to near-$700 billion in weekly volume is viewed as a strong sign of revived network activity. Market participants are watching closely to see whether this trend holds or accelerates.

Amid this momentum, the uptick in activity has fueled renewed bullish sentiment in the market, with some high-profile figures making bold projections. For instance, BitMEX co-founder Arthur Hayes said BTC could reach $250,000 by the end of 2025.

Hayes argued that bitcoin’s price performance is closely tied to global credit expansion. He noted that while credit has doubled since 2020, the apex coin’s price has increased about 15-fold in the same period.

Building on this view, Hayes said both retail and institutional players now view BTC as a key hedge against inflation and monetary expansion.

Large ETH Transactions Surge

Meanwhile, Ethereum (ETH) has also seen a notable uptick in activity. CoinTab reported that over $100 billion worth of ether was transferred in transactions above $100,000 last week, the highest since 2021.

Hayes also forecasted a strong year for ether, predicting it could reach $10,000 before 2026.