As the number of transactions on Bitcoin grows, the transaction value shrinks

The number of Bitcoin transactions per day averaged on a monthly basis has reached a one-year high of 326,000 in February. The last time the number of transactions was this high was December 2017 at the height of speculative mania. 

Additionally, because it is encouraged to batch several outputs into one transaction, using the number of transactions could skew the actual activity. The majority of large exchanges and wallet providers have implemented batching since it's one of the most efficient methods to reduce transaction fees. Similarly, the number of outputs per day averaged on a monthly basis has reached a one-year high of 833,000.