The adjusted value settled on Bitcoin dropped only slightly in 2019, but it still paints a stark contrast to the dominant run of December 2017.
The Block found that the month with the most on-chain settlements in 2019, June, did less than half of the value reached in December 2017. The roughly $93 billion settled last June is only 45% of the nearly $208 billion settled in December 2017.
According to the data, the adjusted value settled reached $673 billion in 2019, which is similar to 2017 despite indicating an 11% drop from 2018. From 2017 on, each year has reached volumes that eclipse combined totals from 2009 to 2016 nearly four times over.
Coin Metrics’ data adjusts for multiple outputs, according to the company, including multiple successive transfers of an amount done over a short time period. This controls for users moving their holdings as opposed to completing peer to peer transactions.