Data review on the Lantern Festival "Big Drop Week": Which data increased significantly? Which exchange benefits from it?
Recently, the price of Bitcoin has once again set off a new upward trend. After all, it has rushed to 50,000 US dollars several times. People seem to have forgotten that in the previous week, there was a strong dive in the price of the currency and a record liquidation.
Let us review the stimulus at that time. During the Chinese Lantern Festival on February 26, BTC plummeted for two consecutive days, driving all kinds of virtual currencies in the entire market to plummet. "You can hide from the first day of the junior high school, but you can't hide from the fifteenth day." Next, let us look at the data on the Bitcoin chain from February 22 to February 28 from the perspective of big data on the chain during the previous sharp drop.
Judging from the transaction volume on the chain, the transaction volume of 14192286.33 BTC this week decreased by 8.30% compared with the previous week. Could it be that everyone is more calm in the sharp drop?
However, judging from the actual transaction volume, the actual transaction volume of 4438080.80 BTC has increased by 20.67% compared with the previous week. As mentioned earlier, due to the special transaction mechanism of Bitcoin, some of its transaction volume will flow out and then return to the original address The "change" mechanism excludes the actual transaction amount in this case and more accurately reflects the user's actual on-chain transfer behavior. Therefore, from the perspective of actual transaction volume, in the week when the currency price was turbulent, the transfer behavior on the chain increased significantly.
Another data also reflects this point, that is, the number of large-value transfers (a single transaction initiated with an amount greater than 100 BTC is considered a large-value transfer), 11,618 times in the "week of sharp drop", an increase of 23.27% from the previous week. In fact, the active large-value transfer addresses on the Bitcoin chain are not the so-called "giant whale addresses". The transaction frequency of these addresses is very low, and even months or years have not moved. It is the address of the exchange that really frequently transfers large amounts of money. Whether the exchange collects the user's deposit or responds to the user's withdrawal, it will adopt the method of batch processing in one transaction, which is less costly and more efficient. Higher, naturally formed a lot of large transactions. Obviously, when the currency price plummets, exchange users will also have more deposit and withdrawal operations in order to respond to the latest market conditions.
So what happened to the core exchanges during the week of the crash? Let’s take a look at the two biggest exchanges, Binance and Huobi.
On the whole, under the sharp drop in currency prices, the trading volume on the exchange chain has increased. The inflow of Binance increased by 6.1% compared with the previous week, but at the same time, its outflow ratio increased by 9.83%, so the net inflow of Bitcoin While still positive, the amount dropped by 28%.
At the same time, Huobi bucked the trend when the price of the currency fell sharply, and its net inflow increased by 137%. During the same period, its bitcoin inflow itself also increased by 30%. .
Interestingly, we can also find some "interaction" between the two exchanges, taking Huobi as an example:
During the sharp drop week, 30% of Huobi’s bitcoin outflow went to Binance exchange, but in that week, Binance was an important source of Huobi’s bitcoin:
We can see that when the currency price plummeted, more than half of Huobi’s Bitcoin came from the exchange, and more than half came from Binance. The ups and downs.
The memory left by investors of the market crash at the end of February seems to be fading. In the face of a new round of rise and turmoil, is there any change in the next stage hidden in every move of on-chain transactions? We hope that our review can inspire data analysts.
