On-chain data scanning: Currency prices have entered a boring stage, and renBTC controls the on-chain data by itself?
After breaking through 10,000 US dollars, the price of Bitcoin began to rise again in the shock after a brief adjustment in August. In early September, it once reached the 12,000 US dollar mark, but this moment did not last too long, and the price of Bitcoin quickly plunged Test the $10,000 mark. However, since then, although the price of Bitcoin is dangerous at the line of 10,000 US dollars, it has held on to this level, and has repeatedly reached 11,000 US dollars. Under this situation, there is no TEDA fluctuation in the data on the chain in September, and the actual transaction volume has also decreased compared with August. Next, let us review and analyze the data on the chain in September to see how the September Can the above data reveal some information.
In September 2020, the transaction volume on the Bitcoin chain was 83,577,456.2 BTC, an increase of 84.75% compared to 45,239,000.92 BTC in August 2020.
In September 2020, the actual transaction volume on the Bitcoin chain was 16,219,040.76 BTC, a decrease of 5.43% compared to 17,151,089.64 BTC in August 2020. We can see that there is a large difference between the transaction amount and the actual transaction amount. What is the reason? After analysis, we found that it was due to the deposit and withdrawal strategies of renBTC’s Bitcoin pledge account. We know that renBTC is a so-called "bitcoin-anchored currency" pledge service second only to WBTC in scale. Users deposit bitcoins to their pledge address, and then issue a corresponding amount of renBTC in Ethereum at a 1:1 value ratio. Let Bitcoin "on-chain" on Ethereum. However, under renBTC’s bitcoin pledge address strategy, large UTXOs of thousands of bitcoins are frequently used as transaction inputs, but the actual inflow and outflow of bitcoins are only small amounts deposited and withdrawn by a single user, which makes the transaction from the perspective of the chain The data is relatively large, but it is greatly reduced under the actual transaction volume standard. This also reminds us once again that it is easy to be misleading to analyze the market and investment decisions solely through the transaction volume of Bitcoin on the chain.
From the comparison of Bitcoin price and transaction volume in the past two months, in terms of actual transaction volume, it basically fluctuates with currency price fluctuations, and has no direct relationship with the absolute amount of price. In the stage of Bitcoin price diving, the actual The transaction volume is larger. Obviously, in September, due to the impact of the renBTC pledge address, the relationship between transaction volume and Bitcoin price was distorted.
In September 2020, the number of large-value transfers on the chain was 39,660, an increase of 0.78% from 39,367 in August 2019
From the comparison with the price of Bitcoin in the same period in August and September, in the price dive stage in early September, large-value transactions were frequent, but after the currency price stabilized at 10,000 to 11,000 US dollars, the number of large-value transfers did not fluctuate significantly, reflecting the Regarding Bitcoin transactions, exchange users did not have too frequent transactions during the currency price shock period.
In September 2020, the total number of transactions on the Bitcoin chain was 9,481,820, a decrease of 3.29% from 9,804,000 in August.
From the comparison of the number of transactions on the chain and the price of Bitcoin in the past two months, the fluctuation range is not large, and there is an overall downward trend in September.
Looking at the number of active addresses, that is, the number of addresses that initiate transfers, the number of active addresses in September 2020 was 18,703,206, a decrease of 4.21% from 19,525,666 in August 2020.
Judging from the relationship between the number of active addresses and the currency price in the past two months, the number of active addresses in September fluctuated slightly when the currency price plunged until it fluctuated from $10,000 to $11,000, but the overall change was not significant.
The above is the overall change of on-chain transactions in September. It can be seen that during the period of currency price fluctuations, due to the unclear direction, investors' transactions were not active, which made the bitcoin transfer on the chain inactive. However, although Defi is active on public chains such as Ethereum and Tron, since the Bitcoin pledge business is an important part of the current Defi business, renBTC's operating strategy has also become an important factor affecting the data on the Bitcoin chain.
In terms of exchanges, since the price of Bitcoin is lackluster and exchanges are under pressure due to the rise of the DeFi trend, what will happen to the data of the three major exchanges in September? What kind of trend will their Bitcoin in and out of each other reflect? Are they still under pressure from bitcoin outflows? In the next part of the September data review, we will reveal the latest trends of the exchange in September.
