Bitcoin just hit an ATH of transactions on the mempool, higher than LUNA and FTX. All that during a weekend of fear where banks had closed anyway.

After the last weeks FUD and fear all around the banking sector, first with the fallout of Silvergate but in a better manner then the sudden collapse of Silicon Valley Bank. Both banks had a lot of exposure to Crypto and the contagion obviously spreads, one way was through USDC. A $40B stablecoin depegging and now re-pegging.

All of this had put uncertainty in the markets and people are trying to combat it, some by trying to withdraw their assets from exchanges as they could just as much collapse and other through depositing to exchanges to leave the market entirely. Both are transactions, so transactions are the way to combat this situation.

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https://preview.redd.it/vw49t0g5mjna1.jpg?828&format=pjpg&auto=webp&s=8121106c849856492acf34a3df4fe4ca8a59b607

Here we can see the transactions going through the memory pools of Bitcoin, those have just hit an ATH which is even higher than the fallout during LUNA in May 2022 and the FTX collapse in November 2022. Showing how users are trying out everything to combat this crisis.

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Transfer Volume of the past Weekend, Chart by James V. Straten

Once again here is the chart with the transactions at an high amount going from and to exchanges, right now we mostly have from exchanges showing how once again people have started to take self-custody in the eye of this crisis.

It is also important to note that all of this is happening during a weekend, where banks, which have caused this turmoil, are not even open but Bitcoin is operating at all-time highs.

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Edit: A smart user just added that is is no the complete ATH but just the highest it has been since 2021, here a link from that https://imgur.com/Lrpfiz6