Yeah, I was thinking the same thing after leaving the prior comment. There is exchange-to-other-currency volume (largely BTC as store of value), and then there

Yeah, I was thinking the same thing after leaving the prior comment. There is exchange-to-other-currency volume (largely BTC as store of value), and then there is exchange-as-money volume (BTC as currency). In theory you subtract the former from the total transaction volume ($4.6B over last 24 hours according to https://blockchain.info/stats https://blockchain.info/stats). Unfortunately that gives me a negative number ($4.6B - $5.4B = negative), which at first suggests the methodology is wrong, but then I remember that not all currency-exchange transactions happen on-chain. Send BTC to GDAX, then buy/sell/buy/sell/buy/sell, then receive $$$... all that could be as little as a single blockchain transaction. I'm sure someone has tried to determine how much of BTC traffic is closed-loop within the BTC ecosystem. I doubt it's much. Anyway, I'm ratholing.