Whale addresses frequently make large transfers, with over $150 million transferred between exchanges

This week's news

18 million in circulation, reaching a peak of 600,000

Data source: https://chain.info/600000

On October 19, the Bitcoin blockchain height exceeded 600,000, according to the Chain.info Bitcoin browser query, which means that there are 18 million Bitcoins in free circulation on the market. Only 14% of the maximum issuance of Bitcoin, 21 million, remains to be mined, and the remaining 3 million Bitcoins will continue to be mined by miners in the form of rewards in the future.

Secondary market data

On October 21, the price of Bitcoin was $8,287.29, with a market value of $148 billion and a total circulation of 85.73%, accounting for 66.52% of the global digital currency market value, down 0.19% from last week.

The rise and fall in the past 14 days is still in the oscillation range. The highest increase in 14 consecutive days is 4.68%, and the maximum decrease is 3.84%. The rise and fall this week is relatively small. This week (October 14-October 20), the price of Bitcoin fluctuated slightly downward, with an overall decline of 4.21 % . Compared with last week, the downward trend has gradually slowed down.

From the perspective of the macro market, after the new round of Sino-US economic and trade consultations, the US stock market gradually recovered, the Shanghai and Shenzhen stock markets fell slightly after the fluctuations, and the markets of special safe-haven targets such as gold and Bitcoin fluctuated slightly. This week, the returns of Bitcoin and related financial investment targets were compared:

Data source: xueqiu

Judging from the returns alone, Bitcoin's returns this week were relatively weak, lower than other mainstream safe-haven financial products in the market. The overall market showed a volatile downward trend, but new traffic rebounded slightly, large-scale data monitoring data within 7 days was active, and large-scale holdings increased for two consecutive weeks.

Market sentiment

Data source: alternative.me

Fear & Greed Index evaluates market investor sentiment and market enthusiasm from six aspects: market trading volume, volatility, social media popularity, market research, Bitcoin market share and Google Trends. As of October 21, the index was 38 points, which was lower than last week, and the market sentiment was still fearful.

Large amount of monitoring data on the chain

As of October 21, the large amount of monitoring data on the Bitcoin chain is as follows:

According to Chain.info's current large-amount monitoring, there were 791 large-amount transactions (>50 BTC) this week (October 14-October 20), up 29% week-on-week, of which 20,858 bitcoins flowed into exchanges, down 65% week-on-week, and 70,747 bitcoins flowed out of exchanges, up 63% week-on-week, with net inflows down 65,615 bitcoins compared to last week. Among them, the amount of large transfers between exchanges reached 18,817 bitcoins (about 150 million US dollars), up 29% week-on-week. Under the influence of market fluctuations, large bitcoin holders are still bearish.

Chip Distribution

Data source: https://chain.info/chart/list

It can be seen from the chip distribution chart on the Chain.info chart page that the current address balance with the highest chip range is still 1000-10000 BTC (26%) and 10-100 BTC (24%), of which the number of addresses with balance only accounts for 51% of the total number of addresses, and 49% are zero balance addresses.

Exchange asset ranking

The top three asset rankings this week are Huobi, Binance, and Bitfinex, and their rankings have remained stable for 14 consecutive days. Let’s take a look at the situation of each exchange this week:

As of October 21, Chain.info data monitored the OKEx exchange's large withdrawal amount, which fell by 29.35% week-on-week, and the deposit amount, which fell by 61.3% week-on-week. OKEx analysts said that the ratio of long and short positions was 1.2, and the number of retail investors who were bullish still had a certain advantage. The total position was stable and increased, and the active trading activity tended to be balanced. Retail investors had a slight advantage in buying. In terms of BTC contract elite positions, the ratio of long accounts fell back to 54%, the ratio of long positions fell back to 24.13%, and the ratio of short positions rose to 20.4%. The bearish sentiment of the elite group increased.

The balance on Huobi exchange platform remained basically the same compared to last week, but the related recharge amount decreased by 5.31%, and the withdrawal amount decreased by 57.52% week-on-week.

The balance of the Bitfinex trading platform fell slightly by 1.4% compared with last week. The total withdrawal amount increased by 388.5% week-on-week, and the deposit amount decreased by 11.7% week-on-week.

According to the Bitstamp exchange addresses that have been mined so far, the Bitstamp exchange has changed a large number of wallet addresses and the balance has changed significantly. Current monitoring data shows that the withdrawal amount this week has increased by 19% week-on-week, and the recharge amount has decreased by 33% compared with last week.

Other on-chain data

As of October 21, the 24-hour transaction volume was 734,192.27 BTC, the number of active addresses decreased by 11.36% from the previous day, the number of transfers decreased by 7.51% from the previous day, the 24-hour block size was 0.84MB, the average block interval was 9.90min, the recommended transaction fee rate was 0.00003 BTC/kb, the total network computing power was 94,072.72 PH/s, and it is estimated that the next reward halving time will be May 14, 2020.

Judging from the on-chain data, the activity on the Bitcoin chain was relatively stable on the 14th. The average daily block size exceeded 1MB within 48 hours when large transactions were frequent from the 16th to the 17th. The total daily transaction fees decreased by 8% week-on-week. The data on transaction fees and block size showed that the on-chain transaction activity decreased slightly.

Judging from the technical stability data, the average daily mining income remains at 0.08-0.1USD/TH/sz. The computing power fluctuated slightly this week, with an overall range of 90-100EH/s, and the highest was 106EH/s on October 18. According to the current data, the overall computing power is in a stable range.

Disclaimer: The views involved in this report are based on comprehensive judgments based on data analysis and are for reference only and not as a basis for investment. Cryptocurrency trading is risky and investment should be made with caution.