Huobi Blockchain Big Data Weekly Insights (Vol.12 2018/8/22–2018/8/29)
All data in this report is captured and analyzed by Huobi Research; please cite the source “Huobi Blockchain Big Data Weekly Insights” for reference.
Abstract
- On-Blockchain Data:
- Social Media Data:
BTC, EOS, and ETH continued to be the top trending Cryptocurrencies in China, while BTC, NANO, and ETH were top trending cryptocurrencies overseas. In the Events category, “Bear Risk”, “Contract” and “Supervision” were the hottest words in China, while “Bot”, “Community” and “Fiat” were the hottest words overseas; in the Exchange and KOL category, “Huobi”, “OKEx” and “Fcoin” were the hottest in China, while “Coinbase”, “Binance” and “Vitalik” were the hottest overseas.
Among Github repositories, ETH, BTC and EOS were the top Cryptocurrencies projects that received the most stars and watchers in a week; BTC, ETH and EOS were the projects that received the most forks in a week; TRX, BTC and LTC were the projects with the most commits this week. Search interest for cryptocurrency- and blockchain-related words increased on Baidu but decreased on Google.
- Market Trading Data:
The price of top 10 Cryptocurrencies rose significantly, with IOTA receiving the largest increase of 36.5% and ETH receiving the smallest increase of 4.2% in their respective prices. In terms of price volatility, BTc had the lowest volatility rate of 0.0024 s.d. while Stellar had the largest volatility rate of 0.0101 s.d. Top 10 Cryptocurrencies had high correlations in their price movements this week.
1. On-Blockchain Data
1.1 Active Bitcoin Addresses
This week, the number of active Bitcoin addresses was 3.28 million about same as last week.
The number of new address decreased 1.5% from 1.31 to 1.29 million, falling for three consecutive weeks. The number of continuously active address decreased 5.3% from 0.56 to 0.53 million, accounting for 16.2% of all active BTC addresses this week (18.3% last week); the number of reactivated addresses increased 3.5% to 1.46 million.
1.2 Transactions on Bitcoin
The overall transaction volume on the Bitcoin network was 6.59 million BTC, increased 10% from 5.99 million BTC last week. There were overall 1.50 million transactions this week, slightly decreased from last week. The average trading volume per transaction on the Bitcoin network increased 10.5% from 3.98 to 4.40 BTC in a week.
1.3 Bitcoin TPS
The average bitcoin transaction per second (TPS) was 2.48, decreased slightly from last week.
1.4 Bitcoin Transaction Fee
The overall transaction fee on the Bitcoin network increased from 158.4 to 189.5 BTC this week. The average transaction fee was 0.00013 BTC, increased 18.1% from last week.
1.5 Concentration of Wealth on Bitcoin
Concentration of Wealth on Bitcoin Network was about unchanged. The top 10 addresses held 6.00% of all Bitcoins, decreased 0.01% than last week; top 10–1000 addresses held 13.24% of all Bitcoins, increased 0.06%; top 100–1000 addresses held 16.75% from 16.79% of all Bitcoins, decreased 0.04%; all other addresses held 64.01% from 64.02% of all Bitcoins, decreased 0.01% from last week.
1.6 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 4 extra-large transactions on Bitcoin network, which in total of 45,038 BTC. The number of large transactions increased from 523 to 614 this week.
1.7 Transaction Volume Distribution of Bitcoin
There was a significant decrease in overall volume for transactions, except volume for transactions worth between 1,000–10,000 BTC. Volume for transactions worth between 100–1,000 BTC decreased the most from 1.63 to 1.42 million BTC this week, accounting for 21.5% of the total BTC transaction volume this week (compared to 27.2% last week). The total volume BTC transactions worth between 1,000–10,000 accounted for 31.3%, increased from 17.6%.
1.8 Change in Balance of Top 30 Bitcoin Addresses
This week, among the Top 30 Bitcoin addresses, 1 address had significant changes in its balance: the first-ranked Bitfinex address had a net outflow of 1099 BTC.
1.9 Active Ethereum Addresses
The number of active addresses in Ethereum has decreased by 0.22% from 1.34 to 1.33 million this week, in the near-term low.
1.10 Transactions on Ethereum
The overall transaction volume on the Ethereum network has decreased by 7.7% to 9.77 million ETHs this week. Number of transactions on the Ethereum network this week decreased by 6% from 4.47 to 4.20 million this week. The average transaction volume this week was 2.32 ETH, decreased by 1.7% from last week.
1.11 Ethereum TPS
The average transaction per second (TPS) on Ethereum network this week decreased to 6.9, down 6.9% from last week.
1.12 Ethereum Transaction Fee
The overall transaction fee on Ethereum network has decreased from 19,000 to 15,000 ETH this week, while the average transaction fee on Ethereum network decreased 18.6% to 0.0035 ETH this week.
1.13 Concentration of Wealth on Ethereum
The concentration of wealth on Ethereum network increased for five consecutive weeks. The top 10 addresses held 11.73% of all ETH, increased by 0.16% from last week; the top 10–100 addresses held 23.68% of all ETH, decreased by 0.16% from last week; the top 100–1000 addresses held 25.46% of all ETH, decreased by 0.06% from last week; the remaining addresses held 39.13% of all ETH, decreased by 0.26% from last week’s 39.39%.
1.14 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 was 1 extra-large transaction of 73,448 ETH in total. Large transactions on the ETH network increased from 38 to 44 transactions.
1.15 Transaction Volume Distribution of Ethereum
The total transaction volume of large transactions and other transactions has decreased compared to last week. The total volume ETH transactions worth between 10,000–50,000 accounted for 6.1%, decreased the most from 8.2%.
1.16 Change in Balance of Top 30 Ethereum Addresses
This week, among all top 30 Ethereum address, 7 addresses had significant changes in their respective balances, 7 of which are net inflows and 1 of which are net outflow. The most ETH inflows were executed on Binance about 77,972 ETH.
1.17 EOS Transactions
The number of transactions on the EOS network was 3.69 million (including transfer, RAM collateral/purchase, collateralization for CPU), decreased 9%.
1.18 RAM Utilization and Voting Percentage on EOS
RAM utilization on EOS was 62.22% this week (62.27% compared to last week), and the addresses that voted for Blockproducers accounted for 37.57% of the overall 295,137 addresses (increased by 3,673 addresses compared to last 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, with discussions mainly focused on price and trading strategies.
In the events category, NLP Word Cloud suggests “Risk”, “Contract” and “Regulation” as the hottest words of the week. “Risk” refers to: 1. The stark warning multiple Chinese authorities issued on illegal cryptocurrency fundraising activities; and 2. The risk involved with USDT; “Contract” refers to the problem associated with future and margin trading on Bitmex and OKEx. “Regulation” refers to: 1. Chinese authorities’ warning on illegal cryptocurrency fundraising activities; 2. The discussion on the future of cryptocurrency industry in China given the stark warning.
In the Exchanges/Opinion Leaders category, NLP Word Cloud suggests “Huobi”, “OKEX”, and “Fcoin” as the hottest words of the week, with discussions mainly focused on the token listing process, problems associated with Cryptocurrency trading, and token prices on Huobi and OKEx platforms. “Fcoin” refers to Fcoin stopped accessing IP addresses in mainland China.
We witness a drastic change in the trending topics this week, with focus on “Github”, “NEO”, “Smart Contract”, “Gate.io” and “USDT” receiving the largest increase, while focus on “FT”, “Zhao Dong”, “Private Placement”, “Litecoin” and “Frozen” receiving the largest decrease.
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, NANO, and Ethereum 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 its recent surge in price despite the crash in most cryptocurrency prices, and whether NANO is truly a decentralized project.
In the Events category, NLP Word Analysis suggests “Bot”, “Community”, and “Fiat” as the hottest words of the week. “Bot” refers to the trading strategy and return of bot trading. “Community” refers to the discussions on cryptocurrency communities. “Fiat” refers to Bittrex’s adding fiat tradepairs with ETC and XRP.
In the Exchanges/Opinion Leaders category, NLP World Analysis suggests “Coinbase”, “Binance”, and “Vitalik” as the hottest words of the week. “Coinbase” and “Binance” refers to the normal discussion between Cryptocurrency investors overseas, and “Vitalik” refers to discussions on Vitalik’s Casper technology.
We witness a drastic change in the trending topics this week, with focus on “Mining”, “Kraken”, “Doge”, “LTC” and “Vitalik” receiving the largest increase, while focus on “BCH”, “BNB”, “Tron”, “Manipulate” and “Bitmex” receiving the largest decrease.
2.3 GitHub Code Activity
Among all GitHub repositories this week, ETH, BTC and EOS were the top Cryptocurrencies projects with the most stars, watchers, and forks in a week; TRX, BTC and LTC were the projects with the most commit submissions this week.
2.4 Search Interest
Search interests for all cryptocurrency- and blockchain-related keywords increased on Baidu while decreased on Google. On Baidu, search interest for Ethereum received the largest increase on 29.3%. On Google, search interest for Ethereum received the largest decrease of 31%.
3. Market Trading Data
3.1 Rate of Return/Price Volatility
In the cryptocurrency market this week, the price of all top 10 Cryptocurrencies has increased drastically. Among all top 10 cryptocurrencies, IOTA experienced the largest increase of 36.5%, and ETH experienced the smallest increase of 4.2%. In terms of price volatility, BTC has the smallest volatility rate of 0.0024 s.d. (standard deviation of price fluctuation in every 15 minutes), while Stellar has the largest volatility rate of 0.0101 s.d.
3.2 Trading Volume as Percentage of the Available Float
The Trading volume of most major Cryptocurrencies except for DASH has received a decrease. DASH, EOS and LTC were the three Cryptocurrencies with the largest trading volume as a percentage of the available float this week, each with 103% (71% last week), 61.3% (116.2% last week), and 64.2% (65.1% last week) respectively. Stellar, Monero and Cardano were the Cryptocurrencies with the trading volume as a percentage of the available float this week, each with 8.3% (compared to 19% last week), 11.1% (compared to 11.6% last week) and 11.2% (compared to 13.7% last week), respectively.
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.
With the exception of ETC, top 10 Cryptocurrencies had high correlations in their price movements this week. TRX/IOTA and XMR/ADA had the highest correlation coefficients of 0.94 and 0.36; TRX/BCH and TRX/ETH had the lowest correlation coefficients of 0.45.
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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