Huobi Research
Published in

Huobi Research

Huobi Blockchain Big Data Weekly Insights (Vol.11 2018/8/15–2018/8/22)

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:

This week, the number of active BTC addresses decreased from 3.33 to 3.28 million, falling for five consecutive weeks. There were 7 extra-large transactions on BTC; the number of BTC transactions worth between 1,000–10,000 BTC decreased from 654 to 533. The total volume of BTC transactions worth between 10–100 accounted for 32.8% of the overall transaction volume. Among the top 30 Bitcoin addresses, 3 addresses had significant changes in their balance, including 2 net BTC inflows and 1 net BTC outflow.

The number of active address on ETH increased by 1.4% from 1.32 to 1.34 million. The average transaction fee decreased 44.9% to 0.0043 ETH this week. Concentration of wealth on ETH network increased for four consecutive weeks. 78,316ETH inflow on ETH network was from Binance.

The number of transactions on EOS decreased 23.61% to 4.06 million. The RAM utilization rate is 67.27%, and the addresses that voted for Blockproducers accounted for 37.37% of all addresses.

  • Social Media Data:

BTC, ETH, and EOS continued to be the top trending Cryptocurrencies in China, while BTC, USDT, and ETH were top trending cryptocurrencies overseas. In the Events category, “Bear Market”, “Risk” and “Contract” were the hottest words in China, while “ETF”, “Bot” and “Wallet” 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.

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; ADA, TRX and ETH were the projects with the most commits this week.

Search interest for cryptocurrency- and blockchain-related words general decreased on Baidu and Google.

  • Market Trading Data:

The price of top 10 Cryptocurrencies experienced a bounce, with Ripple receiving the largest increase of 26.7% and Stellar receiving the smallest increase of 2.3% in their respective prices. In terms of price volatility, BTC had the lowest volatility rate of 0.0028 s.d. while Stellar had the largest volatility rate of 0.0101 s.d. With the exception of ETC, 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 decreased from 3.33 to 3.28 million, falling for five consecutive weeks.

Active Bitcoin Address (in thousands)

The number of new address was about unchanged of 1.31 million. The number of continuously active address decreased 3.4% from 0.58 to 0.56 million, accounting for 17.1% of all active BTC addresses this week (17.1% last week); the number of reactivated addresses decreased 2% from 1.44 to 1.41 million.

Categorization of Active Bitcoin Address (in thousands)

1.2 Transactions on Bitcoin

The overall transaction volume on the Bitcoin network was 5.99 million BTC, decreased 13.3% from 6.92 million BTC last week. There were overall 1.50 million transactions this week, decreased slightly from last week. The average trading volume per transaction on the Bitcoin network has decreased by 13.1% from 4.58 to 3.98 BTC in a week.

Left: BTC trading volume (in thousand BTC); Right: Number of transactions on BTC network (in thousands)

1.3 Bitcoin TPS

The average bitcoin transaction per second (TPS) was 2.49, similar to last week.

Bitcoin TPS

1.4 Bitcoin Transaction Fee

The overall transaction fee on the Bitcoin network increased from 136.5 to 158.4 BTC this week. The average transaction fee was 0.00011 BTC, increased 22.2% from last week.

Bitcoin Transaction Fee (BTC)

1.5 Concentration of Wealth on Bitcoin

Concentration of Wealth on Bitcoin Network increased. The top 10 addresses held 6.01% of all Bitcoins, decreased 0.03% than last week; top 10–1000 addresses held 13.18% of all Bitcoins, decreased 0.02%; top 100–1000 addresses held 16.79% from 16.65% of all Bitcoins, increased 0.14%; all other addresses held 64.02% from 64.11% of all Bitcoins, decreased 0.09% from last week.

Concentration of Wealth on BTC Network

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 7 extra-large transactions on Bitcoin network, which in total of 93,936 BTC. The number of large transactions decreased from 654 to 533this week.

Large and Extra-large Transactions on BTC Network

1.7 Transaction Volume Distribution of Bitcoin

There was a decrease in overall volume for transactions. The total volume BTC transactions worth between 100–1,000 BTC decreased the most from 2.17 to 1.63 million BTC this week, accounting for 27.2% of the total BTC transaction volume this week (compared to 31.4% last week). The total volume BTC transactions worth between 10–100 accounted for 32.8%, increased from 30.1%.

left-Transaction Breakdown by Volume (in thousands); right-Weekly BTC Transaction Distribution

1.8 Change in Balance of Top 30 Bitcoin Addresses

This week, among the Top 30 Bitcoin addresses, 3 addresses had significant changes in their balance, including 2 net BTC inflows and 1 net BTC outflow. The first-ranked Bitfinex address had a net inflow of 1896 BTC; the “3Nxwenay9Z8Lc9JBiywExpnEFiLp6Afp8v” address had a net outflow of 6000BTC this week.

Change in Balance of Top 30 Bitcoin Address

1.9 Active Ethereum Addresses

The number of active addresses in Ethereum has increased by 1.4% from 1.32 to 1.34 million this week that increased slightly after falling for two consecutive weeks.

Number of Active Ethereum Addresses (in millions)

1.10 Transactions on Ethereum

The overall transaction volume on the Ethereum network has decreased by 23.5% to 10.58 million ETHs this week. Number of transactions on the Ethereum network this week increased by 1.5% from 4.40 to 4.47 million this week. The average transaction volume this week was 2.37 ETH, decreased by 24.5% from last week.

Left: Overall Trading Volume on ETH (million ETH); Right: Number of Transactions on ETH (in millions)

1.11 Ethereum TPS

The average transaction per second (TPS) on Ethereum network this week increased slightly to 7.4, down 1.5% from last week.

Ethereum TPS

1.12 Ethereum Transaction Fee

The overall transaction fee on Ethereum network has decreased from 34,000 to 19,000 ETH this week, while the average transaction fee on Ethereum network decreased 44.9% to 0.0043 ETH this week.

Ethereum Transaction Fee

1.13 Concentration of Wealth on Ethereum

The concentration of wealth on Ethereum network increased for four consecutive weeks. The top 10 addresses held 11.57% of all ETH, increased by 0.1% from last week; the top 10–100 addresses held 23.52% of all ETH, decreased by 0.02% from last week; the top 100–1000 addresses held 25.52% of all ETH, which was about the same as last week; the remaining addresses held 39.39% of all ETH, decreased by 0.08% from last week’s 39.47%.

Concentration of Wealth on ETH

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 transactions of 93,749 ETH in total and 71 large transactions on the ETH network, decreased by 38 transactions.

Large and Extra-large Transactions on ETH Network

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%.

Left: Transaction Breakdown by Volume (in millions); Right: Weekly ETH Transaction Distribution

1.16 Change in Balance of Top 30 Ethereum Addresses

This week, among all top 30 Ethereum address, 5 addresses had significant changes in their respective balances, all of which are net inflows. The total ETH inflow on Binance was the most about 78,316ETHs.

Change in Balance of Top 30 Ethereum Address

1.17 EOS Transactions

The number of transactions on the EOS network was 4,056 million (including transfer, RAM collateral/purchase, collateralization for CPU), decreased 23.61%.

EOS Transactions (in millions)

1.18 RAM Utilization and Voting Percentage on EOS

RAM utilization on EOS was 62.27% this week, and the addresses that voted for Blockproducers accounted for 37.37% of the overall 291,464 addresses (increased by 5,377 addresses compared to last week).

Left: RAM Utilization; Right: Voting Percentage on EOS

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 “Bear Market”, “Risk” and “Contract” as the hottest words of the week. “Bear Market” reflected the pessimistic sentiments toward the future Cryptocurrency price. Having been the hottest word for 8 consecutive weeks, “Risk” refers to: 1. the potential crash in Cryptocurrency prices; 2. the security vulnerability in USDT; and 3. negative returns from mining. “Contract” refers to the problems associated with trading futures on Bitmex and OKEX, and that FOMO3D jackpot winner exploited the game by congesting the ETH blocks to force the game to end.

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 with Cryptocurrency trading, and token prices on the three platforms. “Fcoin” refers to its decision to burn all unreleased FT.

8btc.com Word Analysis

We witness a drastic change in the trending topics this week, with focus on “FT”, “Gate.io”, “Bitfinex”, “Private Equity” and “Bitmex” receiving the largest increase, while focus on “NEO”, “Sidechain”, “Xue Manzi”, “Stellar” and “Ontology” receiving the largest decrease.

Left: Top Trending Topics on 8btc.com; Right: Least Trending Topics on 8btc.com

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, USDT, 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 USDT focused on the recent printing of 50 million USDT by Tether. Questions remained as to whether Tether has legitimate reserves to back their USDT issuance, as well as the effect on BTC price.

In the Events category, NLP Word Analysis suggests “ETF”, “Bot”, and “Wallet” as the hottest words of the week. “Bot” refers to the trading strategy and return of bot trading. “ETF” refers to the latest rejection of ETF proposal by the SEC. “Wallet” refers to the discussion on the security design of popular Cryptocurrency wallets.

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 latest article “A Guide to 99% Fault Tolerant Consensus”.

r/CryptoCurrency Word Analysis

We witness a drastic change in the trending topics this week, with focus on “Risk”, “POS”, “Legal”, “Security” and “Doge” receiving the largest increase, while focus on “Economy”, “BNB”, “Miner”, “Dash” and “Telegram” receiving the largest decrease.

Left: Top Trending Topics on r/CryptoCurrency; Right: Least Trending Topics on r/CryptoCurrency

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; ADA, TRX and ETH were the projects with the most commit submissions this week.

Left: Stars and Watchers on GitHub; Right: Forks on GitHub
Commits and Releases on GitHub

2.4 Search Interest

On Baidu, search interest increased for “Ethereum” and “EOS” but decreased for all other cryptocurrency- and blockchain-related keywords, with the search interest of “Smart Contract” receiving the largest decrease of 8%. On Google, search interest decreased for all cryptocurrency- and blockchain-related keywords except for “Bitcoin” and “Ethereum”, in which search interest for “Ethereum” received the largest increase of 31%.

Weekly Changes in Search Interets

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 experienced a bounce. Among all top 10 cryptocurrencies, Ripple experienced the largest increase of 26.7%, and Stellar experienced the smallest increase of 2.3%. In terms of price volatility, BTC has the smallest volatility rate of 0.0028 s.d. (standard deviation of price fluctuation in every 15 minutes), while Stellar has the largest volatility rate of 0.0101 s.d.

Rate of Return vs Price Volatility

3.2 Trading Volume as Percentage of the Available Float

ETC, EOS and TRX were the three Cryptocurrencies with the largest trading volume as a percentage of the available float this week, each with 183% (223% last week), 116.2% (109.5% last week), and 64.2% (65.2% last week) respectively. Monero, Stellar and Ripple were the Cryptocurrencies with the trading volume as a percentage of the available float this week, each with 11.6% (compared to 11.8% last week), 13.7% (compared to 12.5% last week) and 19% (compared to 16.5% last week), respectively.

Rate of Return vs Trading Volume (as Percentage of the Available Float)

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. EOS/BCH and LTC/ETH had the highest correlation coefficients of 0.97 and 0.96; ETC/Stellar and TRX/ETC had the lowest correlation coefficients of 0.36 and 0.41.

Pearson Correlations Matrix of top 10 Cryptocurrencies

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.

Contact us:

E-mail:huobiresearch@huobi.com

Twitter: @Huobi_Research

Medium: Huobi Research

Facebook: Huobi Research

Website: http://research.huobi.com/

Disclaimer:

1. Huobi Research does not have any form of association with blockchain projects or other third-parties mentioned in this report that could jeopardize the objectivity, independence and fairness of this report.

2. All outside information, data referenced in this report is from compliant and legitimate sources that we deem as reliable, and Huobi Research have conducted the due diligence concerning its authenticity, accuracy and completeness, but such due diligence does not provide any guarantee.

3. This report is only for reference purposes. Conclusions and viewpoints in the report do not constitute any form of investment advice on crypto assets. Huobi Research is not responsible for any losses resulting from the use of this report, unless stipulated by law. Under no circumstances should the readers give up their own investment analysis and judgements.

4. This report only reflects the opinions from Huobi Research on the day it was finalized. Future market condition changes may lead to updates of such judgements.

5. The report is copyrighted by Huobi Research, please cite the source when quote, and get approval from us when large amount of contents is referenced. Under no circumstances is reference, abridgment and modification contrary to original intention permitted.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Huobi Research

Huobi Research

1.2K Followers

Blockchain industry top think tank, affiliated to Huobi Group.