Chain.info’s Weekly Data Overview
Geopolitical events gave a short-lived price rise, on-chain activity has increased a little
Quotes and Market Sentiment
Recent BTC Market Trend
Last Friday, Bitcoin tested the bottom again and started to rebound from $6,800 before gradually rising from $7,200 to around $7,550. On Tuesday, due to the conflict between Iran and the United States, the price of safe-haven assets such as gold rose rapidly, and bitcoin also rose accordingly. After Iran’s attack on US bases, it soared to $8,400. But with US President Trump saying that the attack did not cause casualties, and after showing signs of peace toward Iran, gold and crude oil fell rapidly, and Bitcoin began to oscillate as it returned to $7,800.
The argument of Bitcoin as a safe-haven asset and “digital gold” has been around for a long time. In the middle of last year, it has shown a round of synchronization with gold as the situation in China and the United States changed. But this anchored synchronization phenomenon is not stable, and there is still no reliable evidence that Bitcoin has been widely deployed as a safe-haven asset. Also, the transaction volume of Bitcoin on Iran’s local C2C platform has not increased significantly, and there is no sign of a significant increase in the number of on-chain transfers. The biggest possibility of this latest rise is that large currency holders create a “story” based on the international situation and take the opportunity to raise prices. Regardless of the reason, Bitcoin has returned to a high point of nearly one and a half months, and market sentiment has also picked up, but the uncertainty of the market outlook is high, and investors need to pay attention to risks.
Market Sentiment
This week’s market sentiment index changes are more synchronized with price changes. On the whole, the mood has returned to neutral, which is a high of nearly a month. The reasons for recent rises are relatively clear, but this clear reason has not brought about drastic changes in the trend, and the rebound of market sentiment is relatively limited.
Large Transfers
Comparison of Large Transfers
With the rebound of prices, the large-scale transfers of more than 50 BTC that occurred on the chain this week have significantly increased in terms of number and total from the previous week. Although the quantity is still lower than the ten-week average, the number has exceeded the average, and the on-chain activity brought by the price increase is very obvious.
Comparison of Huge Transfers Above 1,000 BTC
Huge transfers of more than 1,000 BTC this week have increased steadily, reaching 14 transfers, and the total reached nearly 50,000 BTC, which is similar to the pattern shown by large transfers.
Exchange Balance and Inflow and Outflow
Top 10 exchanges with BTC Balance on the Chain
Top Five Exchange Wallets Net Flow This Week
The top 5 BTC balances on the chain this week were very stable, with no large-scale inflow and outflow changes. Judging from the balance changes of the top five, Bitfinex and Binance both had large deposits this week, and the balance has grown significantly. The inflows and outflows of other exchanges are roughly equal, and the balance has not changed much.
Large Turnover Between Exchanges
In exchange-related large transfers, Binance, Huobi, OKEx, Bitstamp, and Coinbase all had a large amount of withdrawals. Among them, Binance and Bitstamp both had a large number of withdrawals to non-institutional wallets. The withdrawals of the other exchanges were relatively scattered, and Huobi had a significant amount of inflow to Binance. Overall, Coinbase and Kraken have more large inflows than outflows, and the rest are mainly large outflows.
Blockchain Network Data
Recent changes in Computing Power and Mining Difficulty
This week, Bitcoin’s hash rate continues to climb, reaching a record high of 110E. The halving may only mean price uncertainty for traders, but for miners, expectations from reduced production are clear. Unless there is a small probability event such as hash rate, these months will be the last chance for the old miners.
Averages for Other Major Indicators
From the on-chain data that characterizes network activity, it can be seen that in addition to computing power, the remaining main network indicators are still more or less lower than the average of the past ten weeks. Compared with last week, computing power has decreased slightly, while the number of transfers and amount of fees have increased significantly. The on-chain status indicates that the overall activity on the chain is picking up.
The content of this article is derived from on-chain data and other 3rd party sources and does not constitute investment advice.
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