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Looking back at February, Bitcoin experienced a complete roller coaster market. The price rose from 9,400 at the beginning of the month to 10,400, and returned to 8,500 at the end of the month. Despite the pullback, February's closing price was still significantly higher than last year's November-December lows. Affected by the upward trend of Bitcoin, various altcoins, especially those with halving expectations, have experienced relatively large increases, which has brought the market's trading activity and traders' sentiment to a higher level. This is especially evident in the growth of active users and new users of exchanges with a Chinese background. This feature is consistent with the data in January. Unlike January, Chinese exchanges had a large inflow of BTC in February, while overseas exchanges had a large outflow.

For this monthly list, we still tracked the exchange’s new BTC users (new BTC recharge addresses), active BTC users (recharged this month, but not new recharge addresses) and the exchange’s new BTC users in February. BTC balance changes.

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Chart source: Chain.info

Although the data of increasing users and active users is relatively consistent with January, the BTC balance on the exchange chain shows an interesting pattern different from January: Overseas teams represented by Bitfinex, Coinbase, Bitstamp, and Bittrex had an overall A large number of BTC outflows, a total of 40825BTC, and Chinese-backed exchanges OKEx, Huobi, and Binance have a total of 64286BTC inflows in February. The time distribution of these flows is very even, and it is not caused by a few huge transfers. It can be seen as a trend formed by the collective choice of users. Although there is no direct evidence that the BTC flowing out of overseas exchanges has flowed into Chinese exchanges, it is also true that the mainstream trading pairs of Chinese exchanges have better depth and richer derivative products, and it is reasonable to be more attractive to users.

image descriptionhttps://rank.chain.info/

Disclaimer: The opinions involved in this report are based on comprehensive research and judgment based on data analysis. They are only for reference and not as investment basis. Risky investment in currency speculation requires caution.

Disclaimer: The opinions involved in this report are based on comprehensive research and judgment based on data analysis. They are only for reference and not as investment basis. Risky investment in currency speculation requires caution.