Title: “BTC ecosystem continues to thrive, but on-chain data reveals it’s only retail investors buying in”
Source: Day and Night Little Chu
Content:
1. Outflow of BTC from exchanges
2. BTC on-chain transaction fees
3. New BTC addresses
4. Holdings of different amounts of BTC
We know that the influx of funds into the BTC ecosystem (also known as new “leeks”) is an important factor in determining future trends. The best indicator of influx funds is the withdrawal of BTC from exchanges. According to data, in the past week, the stock of BTC on exchanges increased from 2.336 million to 2.35 million, with a net inflow of 14,000. Even in the previous week, there was only a net outflow of 1,000, indicating that there were no significant outflows from exchanges, but rather significant inflows. In comparison, during the peak of the ORD market in May, there was a net outflow of 14,000 BTC from exchanges in a week. This indicates that the influx of funds into the BTC ecosystem is relatively limited, and some big players may have already cashed out.
With the recent surge in popularity, the transaction fees on the BTC chain have noticeably increased. Generally, network transaction fees are around 0.00004 BTC, but in recent days, they have reached as high as 0.00043 BTC, an increase of 10 times. However, it should be noted that 1) it is still significantly lower than the highest value in May, and 2) BTC transaction fees have started to decline noticeably in the past two days.
The number of new BTC addresses can measure the number of new users. From the data, it can be seen that the daily increase in BTC addresses is around 300,000 to 400,000. However, in recent days, the daily increase has risen to 600,000, indicating a large influx of new users.
We analyze the changes in BTC holdings addresses from November 1st until now. The number of addresses holding more than 100 BTC has decreased from 16,166 to 16,127, a decrease of 39. The number of addresses holding more than 10 BTC has decreased from 156,229 to 155,975, a decrease of 254 addresses. The number of addresses holding more than 1 BTC has increased by 1,000. However, it is important to note that it first increased and then decreased, with a decrease of 600 addresses in the past week. The number of addresses holding more than 0.01 BTC has increased by 101,000.
In summary, although there are a large number of new addresses, they are mostly retail investors. The actual situation is that a large amount of BTC is flowing into exchanges, but there is no significant influx of funds. The signs of big players taking profits are very obvious.
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