Scanning of on-chain data in August: Currency prices encounter obstacles again, and the flow of bitcoin on exchanges diverges
In the previous article, we have analyzed the overall data situation in August from the perspective of big data on the chain. We can see that when the price of Bitcoin rose to $12,000, the activity data of the data on the chain increased significantly. We have also mentioned many times that an important indicator of active transactions on the chain is the increase in large-value transactions, and many of these large-value transactions are essentially batch operations for users’ deposit and withdrawal transactions during the operation of the exchange. Next, we will try to capture some details of the August chain data of these three exchange giants from the data details of leading exchanges such as Binance, Huobi, and OKEx.
First of all, look at Binance. From the perspective of the entire August, the Binance exchange had an inflow of 395,250.75 BTC, an outflow of 391,273.36 BTC, and a net inflow of 3,977.39 BTC, a decrease of 73.59% compared with the net inflow of 15,058.07 BTC in July 2020.
Judging from the comparison of Binance’s net bitcoin inflow and currency prices in August 2020, when the bitcoin price hit 120,000, Binance had a large net bitcoin inflow, and then as the comparison tended to another flat period, The net inflow is basically not too turbulent.
As far as the August data is concerned, the inflow of Bitcoin on Binance Exchange increased by 0.99% compared with July, the outflow increased by 3.98% compared with July, and the net inflow decreased by 73.59% compared with July. It can be said that the sharp rise in the price of Bitcoin in July has led to an increase in Binance net inflows. After the currency price stabilized at around US$11,000 in August, there was a "difference" in the choice of funds, and the net inflow data of Binance did not improve much.
From the comparison of the net inflow and price of Binance in July and August 2020, we can find again that the Binance exchange in July and August showed a relatively stable net inflow as a whole , the net inflow of currency prices also increased, making preparations for the market after the price surge.
Let’s take a look at another big exchange, Huobi. In August 2020, Huobi’s inflow was 184,802.01 BTC, a decrease of 18.59% from the previous month; at the same time, the outflow was 215,795.32 BTC, a decrease of 7.61% from the previous month; the monthly net inflow -30993.31 BTC, a decrease of 371.91% from the previous month. On the whole, the net inflow data of Huobi has also seen a large increase, but it is still in the state of a monthly net outflow.
Judging from the comparison of Huobi’s Bitcoin net inflow and price in July and August 2020, Huobi also had a period of overall Bitcoin inflow at the end of July, when Bitcoin was sprinting to $12,000 stage. While the price of Bitcoin was stable at around $11,000, Huobi’s Bitcoin showed a continuous net outflow as a whole.
A simultaneous move that can support this trend is that the cold wallet address of the Huobi Exchange, which usually rarely trades, transferred 8,000 BTC to the Huobi hot wallet in mid-August (eight consecutive transfers in units of 1,000 BTC). This address has the first real large-scale transfer of Bitcoin since the transaction was officially generated in January 2019.
Finally, let’s look at OKEx. In August 2020, the exchange’s inflow was 87,134.16 BTC, a decrease of 24.50% from the previous month; at the same time, the outflow was 106,620.51 BTC, an increase of 12.30% from the previous month; the monthly net inflow was -19,486.35 BTC, a decrease of 195.23% from the previous month. The data on the chain has dropped significantly, from a strong net inflow in July to a net outflow in August.
From the comparison of OKEx’s bitcoin net inflow and price in July and August 2020, we found that OKEx was in a state of alternating net inflow and net outflow for most of the past two months, but in Bitcoin During the breakthrough stage of the currency price in July, the net inflow of large amounts of Bitcoin was concentrated, which made its net inflow data in July very eye-catching. After the currency price stabilized in August, it showed a continuous net outflow trend as a whole, just like Huobi.
Next, let's take a look at the composition of the proportion of inflows into Binance, Huobi, and OKEx exchanges in August. After our analysis, we list the data of the top 20 exchanges that can be identified.
Overall, the bitcoins flowing into Binance mainly come from Huobi, OKEx, and Bitmex.
The inflow of bitcoins into Huobi mainly comes from OKEx, Binance, Kraken, and coinbase.
The top three sources of Bitcoin inflow to OKEx are: Huobi, Binance, and Bitmex.
Next, we further showed the outflow direction of HBO's three major Bitcoins.
Next, we further showed the outflow direction of HBO's three major Bitcoins.
Among the main destinations of Bitcoin outflow from Binance, coinbase, Bitmex, and Bitstamp are the top three, and its Bitcoin seems to be mainly flowing out to overseas exchanges.
Among the main destinations of Bitcoin outflows from Huobi, coinbase, Binance, and Bitmex are the top three. Coinbase overtook Binance to occupy the first place in the destinations of Bitcoin outflows from Huobi Exchange. Compared with July, Huobi flows to coinbase and Bitmex Ann’s bitcoins are all down.
The bitcoin outflows from Okex are mainly concentrated. Binance, Huobi, and coinbase are the top three and have concentrated the vast majority of bitcoin outflows from OKEx, while Binance once again ranks first among OKEx outflow target exchanges.
Through the pie chart, we can more intuitively understand the main destinations of Bitcoin outflows from exchanges in August.
On the whole, as the price of Bitcoin broke through 12,000 US dollars and then hovered around 11,000, the data of the three major exchanges failed to make a major breakthrough. In terms of data, Binance performed relatively better in August. The growth rate has declined, but the net inflow is still maintained. However, OKEx, which performed outstandingly last month, turned from net inflows to net outflows this month, with a large drop. Coinbase still ranks among the top three outflow destinations of the three major exchanges, and has the highest overall penetration rate of the three major exchanges.
Disclaimer: The above data is obtained by the Beijing ChainsMap system based on the analysis of public information on the Bitcoin network chain. It is only for data research and analysis, and does not guarantee absolute accuracy. We welcome all parties in the industry to testify and discuss and exchange together.
Disclaimer: The above data is obtained by the Beijing ChainsMap system based on the analysis of public information on the Bitcoin network chain. It is only for data research and analysis, and does not guarantee absolute accuracy. We welcome all parties in the industry to testify and discuss and exchange together.
