Bitcoin on-chain volumes in April denoted in USD have reached a 10-month high, Diar finds. Diar notes that the consistent on-chain volume swell over the last three months followed recent price rallies meaning there was little indication Bitcoin was spent in real use-cases and hence the transaction boost was likely largely due to speculative trading.
The amount of USD moved on-chain in April was over $130Bn, with the transaction volume coming close to that of June 2018, "when the price of Bitcoin averaged $7000 – 35% higher than today," Diar wrote. Still, when looking at on-chain volume figures by quarter rather than by month, there has been a consistent quarterly decline in on-chain activity for Bitcoin since Q4 2017; the heart of the bull run. Q1 of 2019 recorded a 35% decline relative to the last quarter.