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Huobi Blockchain Big Data Weekly Insights (Vol.14 2018/9/5–2018/9/13)

All data in this report is captured and analyzed by Huobi Research; please cite the source “Huobi Blockchain Big Data Weekly Insights” for reference.

This Week:

  • The number of active Bitcoin addresses increased 1.8%, transaction volume decreased 4.7%, and the number of transactions increased 1.4%.
  • The concentration of wealth on Ethereum network has increased for eight consecutive weeks.
  • Large transactions on the ETH network increased significantly to 104 transactions.

On-Blockchain Data

Social Media Data

BTC, EOS, ETH to be the top trending in China, while BTC, ETH, IOTA were the top Cryptocurrencies overseas; In the Events category, “Rebound”, “Bull market” and “Contract” were the hottest words in China, while “Wallet”, “Community” and “Bot” were the hottest words overseas; in the Exchange and KOL category, “Huobi”, “Xu Mingxing” and “Bianace” were the hottest in China, while “Coinbase”, “Binance” and “Bitmex” were the hottest overseas.

Ÿ Market Trading Data

In the cryptocurrency market this week, the price of Cryptocurrencies decreased. ETH receiving the largest decrease of 35.8% and Dash receiving the smallest decrease of 14.2% in their respective prices. BTC had the lowest volatility rate of 0.0026 s.d. Dsdh had the largest volatility rate of 0.0072 s.d. The Trading volume has received an decrease; Top 10 Cryptocurrencies had high correlations in their price movements this week, the exception was Dash.

1. On-Blockchain Data

1.1 Active Bitcoin Addresses

This week, the number of active Bitcoin addresses increased 1.8% to 3.41 million, maintaining a recent low.

Active Bitcoin Address (in thousands)

The number of new address decreased 0.3% from 1.34 to 1.33 million. The number of continuously active address increased 2.0% from 0.54 to 0.55 million.

Categorization of Active Bitcoin Address (in thousands)

1.2 Transactions on Bitcoin

The overall transaction volume on the Bitcoin network was 6.55 million BTC, decreased 4.7% from 6.87 million BTC last week. There were overall 1.58 million transactions this week, increased 1.4%. The average trading volume per transaction on the Bitcoin network was 4.13 BTC, decreased 6% compared with last 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 2.62, increased 0.04 TPS from last week.

Bitcoin TPS

1.4 Bitcoin Transaction Fee

The overall transaction fee on the Bitcoin network increased from 152.5 to 171.5 BTC this week. The average transaction fee was 0.00011 BTC, increased 10.9% from last week.

Bitcoin Transaction Fee (BTC)

1.5 Concentration of Wealth on Bitcoin

Concentration of Wealth on Bitcoin Network decreased. The top 10 addresses held 6.13% of all Bitcoins, decreased 2bps from last week; top 10–1000 addresses holding percentage decreased 4bps; top 100–1000 addresses holding percentage increased 2bps; all other addresses held 63.94% of all Bitcoins, increased 3bps 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, in total of 108,283 BTC. The number of large transactions decreased from 633 to 382 this week.

Large and Extra-large Transactions on BTC Network

1.7 Transaction Volume Distribution of Bitcoin

There was a significant decrease in volume for transactions worth between 100–1,000 BTC and 1,000–10,000 BTC; Volume for transactions worth above 10,000 BTC and below 100 BTC has increased. Volume for transactions worth between 100–1,000 BTC decreased the most from 2.64 to 2.20 million BTC this week, accounting for 33.6% of the total BTC transaction volume this week (compared to 38.4% last week).

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 its balance, in which 2 were net outflows and 1 was net inflows. The first-ranked net outflow was 2,860 BTC from a Bitfinex address.

Change in Balance of Top 30 Bitcoin Address

1.9 Active Ethereum Addresses

The number of active addresses in Ethereum has decreased by 4.6% from 1.34 to 1.28 million this week, in the near-term low.

Number of Active Ethereum Addresses (in millions)

1.10 Ethereum Transactions

The overall transaction volume on the Ethereum network has increased 53.4% to 17.37 million ETHs this week. Number of transactions on the Ethereum network this week decreased by 16.6% from 4.83 to 4.03 million this week. The average transaction volume this week was 4.31 ETH, increased 84% 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 decreased to 6.7, increased 16.2% from last week.

Ethereum TPS

1.12 Ethereum Transaction Fee

The overall transaction fee on Ethereum network has increased from 11,000 to 13,000 ETH this week, while the average transaction fee on Ethereum network was 0.0033, decreased 49.7% this week.

Ethereum Transaction Fee

1.13 Concentration of Wealth on Ethereum

The concentration of wealth on Ethereum network increased for eight consecutive weeks. The top 10 addresses held 12.25% of all ETH, increased by 0.42% from last week; the top 10–100 addresses held 24.68% of all ETH, increased by 0.73% from last week; the top 100–1,000 addresses held 25.23% of all ETH, increased by 0.08% from last week; the remaining addresses held 37.85% of all ETH, decreased by 1.22% from last week.

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 were 5 extra-large transaction, in total of 0.35 million ETH. Large transactions on the ETH network increased from 45 to 104 transactions.

Large and Extra Large Transactions on ETH Network

1.15 Transaction Volume Distribution of Ethereum

Most transaction volume of large transactions and other transactions has increased compared to last week. The percentage of the total volume ETH transactions worth between 1,000 ETH and 10,000 ETH increased the most from 24.7% to 32.1%.

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, 9 addresses had significant changes in their respective balances, in which 8 were net inflows and 1 was net outflow. The most ETH inflow was from major exchange addresses, especially from OKEX that had net inflow of 0.15 million ETH.

Change in Balance of Top 30 Ethereum Address

1.17 EOS Transactions

The number of transactions on the EOS network was 2.57 million (including transfer, RAM collateral/purchase, collateralization for CPU), decreased 17.3% from last week and falling for four consecutive weeks.

EOS Transactions (in millions)

1.18 RAM Utilization and Voting Percentage on EOS

RAM utilization on EOS was 61.8% this week (62.1% compared to last week), and the addresses that voted for Blockproducers accounted for 38.2% of the overall 312,106 addresses (increased 11,616 addresses compared to last week).

Left: RAM Utilization; Right: Voting Percentage on EOS

1.19 Change in Balance of Top 10 EOS Addresses

EOS was mainly concentrated in EOSIO related accounts, including EOSIO.Stake, EOSIO.Saving, EOSIO.unregd. Among the top10 EOS addresses of remaining, 2 addresses had net outflows and 1 had net inflow. The largest EOS outflow was from a bitfinex address of 2.36 million EOS.

Change in Top 10 EOS Addresses

1.20 Active NEO Address

This week, active NEO address decreased 28.6% to 0.50 million from last week.

Active NEO Addresses (in millions)

1.21 NEO Transaction Volume

We categorized NEO’s chain transactions into transaction volume (including NEO and GAS transfers) and smart contract use volume. The number of NEO smart contract use this week was 0.16 million, decreased 27% from last week. The number of transaction volume this week was 0.07 million, decreased 34.7% from last week.

Transactions and Calls on NEO (in thousands)

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. Ethereum has been controversial recently, with discussion mainly focused on doubt and dispute of ICO mode, which resulted from Ethereum prices wild fluctuation by projectors’ undersell dramatically.

In the events category, NLP Word Cloud suggests “Rebound”, “Bull market” and “Contract” as the hottest words of the week. “Rebound” refers to the recent sharp drop in the currency price, the currency has recovered some expectations. “Bull market” refers to the recent decline in the value of the currency, the market sentiment of pessimism. “Contract” refers to the discussion on problems encountered in the trading of futures contract platforms such as Bitmex and OKEX, such as the mechanism of deposit, out of stock and open position split.

In the Exchanges/Opinion Leaders category, NLP Word Cloud suggests “Huobi”, “Xu Mingxing”, and “Binance” as the hottest words of the week, with discussions of “Huobi” and “Bianace” mainly focused on daily exchange, with discussion of “Xu Mingxing” mainly focused on the detained in Shanghai under police investigation for 24 hours.

8btc.com Word Analysis

We witness a drastic change in the trending topics this week, within all topics of these three categories, focus on “Mining power”, “Xu Mingxing”, “Vechain”, “BNB” and “Endwave” receiving the largest increase, while focus on “Coinex”, “Ponzi”, “ETC”, “bifurcate” and “ZB” 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, Ethereum, and IOTA 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 IOTA focused on IOTA founder Dominik Schiener will speak at the German economic summit.

In the Events category, NLP Word Analysis suggests “Wallet”, “Community”, and “BOT robot” as the hottest words of the week. “Wallet” refers to the discussion on crack of wallet Bitif developed by McAfee; “BOT robot” refers to the discussion on the strategies and benefits of trading robot: “Community” refers to the discussions on development of cryptocurrency communities.

In the Exchanges/Opinion Leaders category, NLP World Analysis suggests “Binance”, “Coinbase”, and “Bitfinex” as the hottest words of overseas this week, with discussion mainly focused on general topics among platform users.

r/CryptoCurrency Word Analysis

We witness a drastic change in the trending topics this week, with focus on “Bitmex”, “Manipulation”, “USDT”, “Electricity” and “Stellar” receiving the largest increase, while focus on “Vote”, “okex”, “jihan”, “Satoshi” and “AWS” 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, BTC, ETH and EOS were the top Cryptocurrencies projects with the most forks in a week; TRON, ETH and BTC 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

Search interests for all cryptocurrency- and blockchain-related keywords increased on Google but decreased on Baidu. On Google, EOS received the largest increase of 36.8%. On Baidu, smart contract received the largest decrease of 14.5%.

Weekly Changes in Search Interets

2.5 EOS Telegram Vitality

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 Price (English group), EOS China (Chinese group).

The number of chats in EOS community telegram groups decreased dramatically, from 17,400 to 13,400 (the number EOS China decreased 2,300, the number of EOS overseas decreased 1,700).

3. Market Data

3.1 Rate of Return/Price Volatility

In the cryptocurrency market this week, the price of Cryptocurrencies decreased dramatically. ETH experienced the largest decrease of 35.8%, and Dash experienced the smallest decrease of 14.2%; In terms of price volatility, BTC has the smallest volatility rate of 0.0026 s.d. (standard deviation of price fluctuation in every 15 minutes), while Dash has the largest volatility rate of 0.0072 s.d.

Rate of Return vs Price Volatility

3.2 Trading Volume as Percentage of the Available Float

The Trading volume of most major Cryptocurrencies has received an decrease. EOS, EOS and TRON were the three Cryptocurrencies with the largest trading volume as a percentage of the available float this week, each with 110% (121.2% last week), 99.7% (109.9% last week), and 65.5% (64.2% last week) respectively. Stellar, Ripple and Cardano were the Cryptocurrencies with the smallest trading volume as a percentage of the available float this week, each with 10.9% (compared to 9.7% last week), 15.5% (compared to 14.7% last week) and 17.1% (compared to 22% last week), respectively.

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

3.3 Cryptocurrency Price Correlations

The overall correlation coefficient of the market is very high this week, the exception is Dash.

BTC and BCH had the highest correlation coefficients of 0.98, then Monero and LTC, with the correlation coefficients of 0.98; Dash and Ada had the lower correlation coefficient of 0.3, Dash and ETH had the correlation coefficient of 0.33.

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

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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.

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Huobi Research

Huobi Research

Blockchain industry top think tank, affiliated to Huobi Group.