On-chain data scanning in October: The industry continues to change, but the new Bitcoin bull market started in October?
Bitcoin's New Market (Bold Bet: Big Bull Market) Begins in October?
After the Bitcoin price broke through $10,000 in July, the currency price briefly adjusted in August and then rose again in shocks. In September, the currency price once dived to test $10,000. During this process, the rise of Defi can be said to be closely absorbed. Bitcoin's capital flow, a large amount of capital flows to Defi to chase wealth, and even Bitcoin itself is locked in a large number of Defi, becoming many "bitcoins" on Ethereum. Under such fluctuations, in mid-October, the incident that OKEx stopped withdrawing coins broke out, and the industry was shocked for a while. It seems that the price of Bitcoin will fall into a worse situation this month.
However, on the contrary, after the Chinese National Day holiday in October, the currency price climbed all the way to $13,000 in the middle of the month. Combined with the gains so far in November, a wave of Bitcoin’s big market seems to be conceived in the industry turmoil October. So, in this process, what fluctuations in the data on the chain? Next, let us review and analyze the data on the chain in September.
In October 2020, the transaction volume on the Bitcoin chain was 76,770,155.37 BTC, which was 8.14% lower than the 83,577,456.2 BTC in September 2020.
In October 2020, the actual transaction volume on the Bitcoin chain was 17,175,126.74 BTC, an increase of 5.89% compared to 16,219,040.76 BTC in September 2020.
Judging from the comparison of Bitcoin price and transaction volume in the past two months, it basically fluctuates with the currency price fluctuations. Especially in late October, when the currency price rose sharply, the transaction volume on the chain also had a significant jump.
In October 2020, the number of large-value transfers on the chain was 37,747, a decrease of 4.83% from 39,660 in September 2020.
From the comparison with the price of Bitcoin in the same period in September and October, after the currency price stabilized at 10,000 to 11,000 US dollars in September, the number of large transfers did not fluctuate significantly. After October 20, as the currency price rose, Bitcoin’s The number of large-amount transfers on the chain has also jumped significantly, which still reflects the increase in the activity of transactions on the chain related to the exchange.
In October 2020, the total number of transactions on the Bitcoin chain was 9,303,913, a decrease of 1.88% from 9,481,820 in September.
Judging from the comparison of the number of transactions on the chain and the price of Bitcoin in the past two months, the fluctuations in the early stage of September and mid-October were not large, and the number of transactions in the later period when the currency price rose decreased instead.
Let’s look at the number of active addresses, that is, the number of addresses that initiate transfers. In October 2020, the number of active addresses was 18,030,257, a decrease of 3.60% from 18,703,206 in September 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 October rose slightly at the end of the month without much fluctuation, but the overall change was not significant.
The above is the overall change of on-chain transactions in October. It can be seen that after the currency price hit $13,000, the changes in on-chain data are mainly reflected in exchange-related data such as the number of large transfers.
As the "O" in HBO, OKEx encountered a crisis in October. How will this affect the other two major owners? How much will Huobi, which is considered to be similar to OKEx in terms of regional characteristics and policy environment, be affected? Will Binance, which is considered more international, be less affected? Will centralized exchanges be pressured by users to withdraw coins? In the next part of the October data review, we will reveal the latest trends of the exchange in October.
