Trillions move across the Bitcoin network, yet most activity remains institutional—not in everyday consumer payments
Bitcoin’s role as a global value-transfer network is expanding rapidly, with settlement volumes now rivaling the world’s largest payment processors. But despite its scale, new data shows that most activity on the network is driven by wholesale flows—not by consumers buying coffee with crypto.
Over the past 90 days, Bitcoin processed $6.9 trillion in value transfers, placing it on par with the combined settlement volume of Visa and Mastercard, according to a new fourth-quarter digital-asset research report. Analysts note that this highlights Bitcoin’s evolution into a bank-free, cross-border settlement layer increasingly used by institutions and trading venues.
“A significant share of activity is migrating off-chain toward ETFs and brokerage platforms, but Bitcoin and stablecoins remain dominant networks for on-chain settlement,” ..
However, adjusted for internal transfers between addresses controlled by the same entity, Bitcoin’s “economic” settlement volume drops to roughly $870 billion per quarter—still sizable but far below traditional card networks. Visa averages $39.7 billion per day, while Mastercard moves $26.2 billion, largely driven by everyday consumer purchases.
This difference underscores a key trend: global merchant adoption of Bitcoin remains modest. Only 20,599 merchants worldwidee currently accept Bitcoin, compared with Visa’s 175 million acceptance points.
Stablecoins also play a growing role, moving an average of $225 billion daily, though much of this flow is automated. Research indicates that 70% of stablecoin transfer volume during the third quarter came from trading bots, not human users—an important distinction for regulators evaluating real-world usage.
Experts say Bitcoin is cementing its position as a global wholesale settlement network, even as mainstream retail adoption continues to progress at a slower pace.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.