Huobi Blockchain Big Data Weekly Insights (Vol.26 2018/11/28–2018/12/05)
All data in this report was captured and analyzed by Huobi Research; please cite the source “Huobi Blockchain Big Data” for reference.
This Week:
- The number of active Bitcoin addresses has decreased for 4 consecutive weeks. Bitcoin transaction volume drastically increased, while the concentration of wealth drastically decreased. According to observations, most of Bitcoins transferred out were eventually transferred to 96 new addresses, with each address holding 8000 Bitcoins, which raises suspect that these transactions were conducted by the same institution or individual.
- The number of active Ethereum addresses has decreased for 5 consecutive weeks, while the total transaction volume drastically increased.
- Number of transactions, number of new addresses, and DApp activity of EOS all decreased to varying degrees.
- Social Media Data：
BTC, EOS, Ethereum to be the top trending in China, while BTC, Ethereum, NANO were the top Cryptocurrencies overseas; In the Events category, “Bounce”, “Contract” and “Bear Market” were the hottest words in China, while “Fiat”, “Wallet” and “Decentralized” were the hottest words overseas; in the Exchange and KOL category, “BM”, “Huobi” and “Bitfinex” were the hottest in China, while “Binance”, “Coinbase”, and “Satoshi” were the hottest overseas.
Among Github repositories, ETH, BTC and EOS were the top Cryptocurrencies projects that received the most stars in a week; DASH, EOS and IOTA were the projects that received the most watchers in a week; NEO, ADA and ETH were the projects with the most code commit submission this week
- Market Trading Data：
In the cryptocurrency market this week, the price of major cryptocurrencies all decreased to varying degrees, led by EOS which saw a weekly decrease in price of 33.12%. BNB was the only major cryptocurrency that received an increase in price of 12%.
1. On-Blockchain Data
1.1 Active Bitcoin Addresses
This week, the number of active Bitcoin addresses decreased by 2.6% to 3.44 million, declining in four consecutive weeks.
There were 1.218 million new Bitcoin addresses created this week, increased by 1.7% from last week’s 1.198 million.
1.2 Bitcoin Transactions
The overall transaction volume on Bitcoin network was 10.321 million BTC, drastically increased by 28.9% from last week’s 8.005 million, reaching a new high for the past half a year. There were overall 1.726 million transactions this week, decreased by 4.7% compared to last week. The average trading volume per transaction increased by 35.3% to 5.98 BTC this week.
1.3 Bitcoin Transaction Fee
The overall transaction fee on Bitcoin network decreased from 264 BTC to 241.6 BTC this week. Average transaction fee was 0.00015 BTC, increased by 12.2% from last week.
1.4 Concentration of Wealth on Bitcoin
Concentration of wealth on bitcoin drastically decreased. Top 10 addresses held 5.31% of all Bitcoins, 0.09% less than last week; top 10–100 addresses held 3.09% less Bitcoins than that of last week, showing a drastic decline; top 100–1000 held 2.57% more Bitcoins than that of last week; other addresses held 0.61% more Bitcoins than that of last week, reaching 64.52% of all Bitcoins.
With regard to the concentration of wealth on Bitcoin, it’s worth nothing that there were lots of head addresses clearing all Bitcoins they owned this week, including the 9th to 12th, 30th to 31st and 45th to 54th of the holding rank last week. According to observations, most of Bitcoins transferred out were eventually transferred to 96 new addresses, with each address holding 8000 Bitcoins, which raises suspect that these transactions were conducted by the same institution or individual.
1.5 BTC Large Transactions Monitor
Huobi Research defines “extra-large transactions” as individual transactions worth over 10,000 BTC, and “large transactions” as those worth between 1,000–10,000 BTC. This week, there were 18 extra-large transactions on Bitcoin network. The number of large transactions slightly decreased from 1051 to 1003 this week, leading to three consecutive weeks with great quantities of large transactions, rasing suspect that there were large amounts of Bitcoin laundering in recent three weeks.
1.6 Bitcoin Transaction Volume Distribution
Transaction volume remained at a relatively high level, increasing mainly for 0.1k-1k, in which the proportion of transaction volume increased from 27.4% to 32.6%.
1.7 Active Ethereum Addresses
The number of active addresses in Ethereum has decreased by 2.8% from 0.983 million to 0.956 million, declining in five consecutive weeks.
1.8 Ethereum Transactions
The overall transaction volume on Ethereum has drastically increased by 110% to 45.3 million ETH. There were overall 3.882 million transactions this week, almost the same with last week; average transaction volume increased by 111.2% from last week to 11.67 ETH.
1.9 Ethereum TPS
The average transaction per second (TPS) on Ethereum network this week remained at 6.4 tps this week.
1.10 Ethereum Transaction Fee
The overall transaction fee on Ethereum network has increased from 12.9k to 15.9k ETH this week, while the average transaction fee on Ethereum network was 0.0041 ETH, increased by 23.6% this week.
1.11 Concentration of Wealth on Ethereum
The concentration of wealth on Ethereum network has drastically decreased compared to last week: top 10 accounts held 11.26% of all ETH, decreased by 1.78% from last week; top 10–100 addresses held 21.08% of all ETH, decreased by 4.5% compared to last week; top 100–1000 addresses held 30.36% of all ETH, increased by 5.87% compared to last week; the rest addresses held 37.29% of all ETH, increased by 0.41% from 36.88% of last week.
1.12 ETH Large Transactions Monitor
Huobi Research defines “extra-large transactions” as individual transactions worth over 50,00 ETH, “large transactions” as those worth between 10,000–50,000 ETH, “other transactions” as those worth less than 10,000 ETH. This week, there were 23 extra-large transactions and 422 large transactions (38 large transactions last week). This week, the amount of large transactions reached a new high for nealy a year.
1.13 EOS Transactions
There were 31.91 million transactions on EOS this week (including transfer, RAM collateral/purchase, CPU collateralization), drastically decreased by 21.2% from last week, terminating the previous rise in ten consecutive weeks. The number of EOS accounts increased by 23k this week, declining by 36.1% with regard to increasing rate from last week.
1.14 EOS DApp Activity
Based on transaction volume, FastWin, BetDice, BlackJack, Royal Online Vegas and EOS Knight were the 5 most popular EOS dApps this week.
Based on the information above, Huobi Research analyzed total number of transactions and total transaction volume of all 190 currently active EOS dApps. Currently, gambling dApps accounted for 82.8% of total EOS transaction volume (80.6% last week) and 93% of total number of transactions (93% last week), the most popular among all dApp categories. Its proportion in all the dApps kept increasing.
The activity of EOS dApps decreased by 11.44% this week. Meanwhile, the transaction volume decreased from 108 million by 32.8% to 72.6 million.
There were 9 gambling dApps and 1 game dApp (EOS Knight) among the 10 most popular EOS dApps this week, the same with last week.
1.15 ETH DApp Activity
Based on transaction volume, CryptoKitties, IDEX, Dice2win, FCK and 0xProtocol were the 5 most popular ETH dApps this week.
Based on the information above, Huobi Research analyzed total number of transactions and total transaction volume of all 1191 currently active ETH dApps. Currently, cryptocurrency exchange dApps accounted for 57.42% of total ETH transaction volume and 28% of total number of transactions, the most popular among all dApp categories. Since the activity of CryptoKitties drastically rised, the activity of game dApps increased this week, accounting for 34.98% of total ETH transaction volume. The activity of ETH dApps increased by 2.1% this week.
2. Social Media Data
2.1 Keyword Analysis (China)
Huobi Research analyzed text using NLP Word Cloud to extract relevant keywords and understand the overall sentiments from China’s largest Cryptocurrency online community 8btc.com. Specifically, we break down the keywords to three categories: Cryptocurrencies, Events, and Exchanges/Opinion Leaders.
In the Cryptocurrency category, NLP World Cloud Analysis suggests Bitcoin, EOS, and Ethereum as the top Cryptocurrencies receiving the most widespread attention, for Bitcoin, discussions mainly focused on price and trading strategies, as well as the drastic decrease in mining difficulty. Discussions on EOS focused on the price crash and Daniel Larimer’s comment in EOS official telegram group. Discussions on Ethereum focused on price and trading strategies.
In the events category, NLP Word Cloud suggests “Bounce”, “Contract” and “Bear Market” as the hottest words of the week. “Bounce” refers to investors’ expectation for the bounce in price after the recent price crash. “Bear Market” refers to investors’ consensus regarding the current market condition. “Contract” refers to many investors shorting Bitcoin with future options.
In the Exchanges/Opinion Leaders category, NLP Word Cloud suggests “BM”, “Huobi”, and “Bitfinex” as the hottest words of the week. Discussions on BM focused on his comment on EOS official telegram group. Discussions on Huobi focused on trading strategies. Discussions on Bitfinex focused on its recent announcement to cancel USDT’s 1:1 USD-peg.
2.2 Keyword Analysis (Overseas)
We also performed NLP Word Analysis on Reddit’s r/CryptoCurrency Subreddit to understand the trending topics and overall sentiments overseas, and we similarly broke down the keywords into three categories: Cryptocurrencies, Events, and Exchanges/Opinion Leaders.
In the Cryptocurrencies category, NLP Word Analysis suggests Bitcoin, Ethereum, and NANO as the three cryptocurrencies that received the most widespread attention this week. For Bitcoin and Ethereum, discussions on mainly focused on price and trading strategies. Discussions on NANO focused on the project enlisted as one of the Golden Label Projects according to Binance.
In the Events category, NLP Word Analysis suggests “Fiat”, “Wallet”, and “Decentralized” as the hottest words of the week. “Fiat” refers to the discussion on whether cryptocurrency could replace fiat in the future; “Wallet” refers to the current development progress of major cryptocurrency wallets; “Decentralized” refers to the discussion on whethere DEX will replace centralized exchanges.
In the Exchanges/Opinion Leaders category, NLP World Analysis suggests “Binance”, “Coinbase”, and “Satoshi” as the hottest words of overseas this week, with the normal discussion on general topics among platform users. “Satoshi” refers to the recent update on Satoshi’s P2P foundation account.
2.3 Github Code Activity
Among all GitHub repositories this week,
- NEO, ADA and ETH were the projects with the most code rows;
- BTC, ETH and EOS were the projects with the most forks;
- TRX, EOS, and ETH were the projects with most code commit submissions;
- IOTA, NEO and DASH were the projects with the most issue;
- ETH, BTC and EOS were the projects with most stars;
- DASH, EOS and IOTA were the projects with most watchers.
2.4 Overall Telegram Activity
We measured the vitality of telegram community by the chat volume among the relatively active community telegram groups:
The top three active telegram groups this week were: 1) EOS English group, 2) EOS China (Chinese group), 3) TRON English group.
2.5 Popular Cryptocurrency Telegram Activity
We measured the vitality of EOS community by the chat volume among the selected EOS community telegram groups: EOS General Chat (English technology/ ecology group), EOS China (Chinese group); and measured the vitality of TRON community by the chat volume of TRONnetworkEN.
The number of chats in EOS community telegram groups increased drastically from 15.2k to 23.0k number of chats this week; the number of TRON telegram groups increased by 400.
3.Market Data
3.1 Rate of Return/ Trading volume
In the cryptocurrency market this week, the price of major Cryptocurrencies except for BNB received decrease to varying degrees. BNB’s price increased by 12%, while EOS’s price decreased by 33.12%, the largest decrease among all major cryptocurrencies this week. The trading volume of all major cryptocurrencies except for BNB received decrease to varying degrees.
3.2 Cryptocurrencies with the Largest Increase/Decrease in Weekly Trading Volume
Huobi Research captured cryptocurrency trading volume in major exchanges and calculated 5 cryptocurrencies that had the largest increase and decrease in their respective trading volume.
5 Cryptocurrencies with the largest increase in weekly trading volume: WAVES, XVG, BTM, ABT, MDA;
5 Cryptocurrencies with the largest decrease in weekly trading volume: INB, BIX, ELA, XRP, BTG.
3.3 Cryptocurrency Price Correlations
Correlation amongst assets is the degree to which they move in tandem. The matrices above show Pearson correlations and p-values that are computed from log-returns of volume-weighted average daily prices over the past week. The Cryptocurrency price correlations is relatively low this week, Cryptocurrencies price move in the different directions.
There were high correlations between the price movement of major cryptocurrencies except for TRON, of which BTC and IOTA had the largest correlation coefficient of 0.99, while TRON and EOS had the lowest correlation coefficient of 0.1.
Huobi Research
About us:
Huobi Research of Blockchain Application (Huobi Research) was founded in April 2016 and started research and explorations in various aspects in blockchain area since March 2018. We cover blockchain technology research, industry analysis, application innovation and economic model explorations etc. We aim to establish a research platform and to offer theoretical foundations as well as judgements of trends in blockchain to the public, ultimately promoting the development of the entire industry.
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