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Huobi Blockchain Big Data Weekly Insights (Vol.15 2018/9/12–2018/9/19)

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:

  1. The number of active addresses in Ethereum has decreased by 18% from 1.28 to 1.05 million this week;Trading volume decreased by 15% to 1469 ETH; Number of transactions decreased by 10% to 3.63 million.
  2. Number of transactions (including smart contract calls) drastically decreased by 80% to 5.28 million.
  • Social Media Data:

BTC, EOS, ETH to be the top trending in China, while BTC, ETH, NANO were the top Cryptocurrencies overseas; In the Events category, “Rebound”, “Bull market” and “Risk” were the hottest words in China, while “Wallet”, “Fiat” and “Bot” were the hottest words overseas; in the Exchange and KOL category, “Huobi”, “Xu Mingxing” and “Binance” were the hottest in China, while “Coinbase”, “Binance” and “Huobi” 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; EOS, ETH and ADA were the projects with the most commits this week. The number of chats in EOS community telegram groups decreased slightly, EOS China decreased obviously.

  • Market Trading Data:

In the cryptocurrency market this week, the price of Cryptocurrencies raised more and dropped less. Ripple receiving the largest increase of 24.7% and IOTA receiving the largest decrease of 3% in their respective prices. BTC had the lowest volatility rate of 0.0014 s.d. IOTA had the largest volatility rate of 0.0056 s.d. Top 10 Cryptocurrencies had high correlations in their price movements this week, except Ripple.

1. On-Blockchain Data

1.1 Active Bitcoin Addresses

This week, the number of active Bitcoin addresses decreased 4.8% to 3.41 million, maintaining a recent low.

Active Bitcoin Address (in thousands)

The number of new address decreased 1.8% from 1.31 to 1.33 million. The number of continuously active address increased 1.9% from 0.55 to 0.54 million.

Categorization of Active Bitcoin Address (in thousands)

1.2 Transactions on Bitcoin

The overall transaction volume on the Bitcoin network was 6.28 million BTC, decreased 4.1% from 6.55 million BTC last week. There were overall 1.57 million transactions this week, decreased 1.1%. The average trading volume per transaction on the Bitcoin network was 4.01 BTC, decreased 3% 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 2.59, increased 0.03 TPS from last week.

Bitcoin TPS

1.4 Bitcoin Transaction Fee

The overall transaction fee on the Bitcoin network decreased from 171.5 to 130.7 BTC this week. The average transaction fee was 0.00008 BTC, increased 23.8% 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 5.89% of all Bitcoins, decreased 24 bps from last week; top 10–1000 addresses holding percentage increased 13 bps; top 100–1000 addresses holding percentage increased 8 bps; all other addresses held 63.97% of all Bitcoins, increased 3 bps 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 9 extra-large transactions on Bitcoin network, in total of 192.08K BTC. The number of large transactions decreased from 382 to 306 this week.

Large and Extra-large Transactions on BTC Network

1.7 Transaction Volume Distribution of Bitcoin

There was an increase in volume for transactions worth above 1,000 BTC; Volume for transactions worth below 1,000 BTC has decreased. Volume for transactions worth between 100–1,000 BTC decreased the most from 2.20 to 1.98 million BTC this week, accounting for 31.5% of the total BTC transaction volume this week (compared to 33.6% 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, 2 addresses had significant changes in its balance, in which 1 were net outflow and 1 was net inflow. The first-ranked net outflow was 40,072 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 18% from 1.28 to 1.05 million this week, in the near-term low.

Number of Active Ethereum Addresses (in millions)

1.10 Transactions on Ethereum

The overall transaction volume on the Ethereum network has decreased 15.4% to 14.69 million ETHs this week. Number of transactions on the Ethereum network this week decreased by 9.8% from 4.03 to 3.63 million this week. The average transaction volume this week was 4.04 ETH, decreased 6.3% 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, decreased 10.4% from last week.

Ethereum TPS

1.12 Ethereum Transaction Fee

The overall transaction fee on Ethereum network has decreased from 13,000 to 11,000 ETH this week, while the average transaction fee on Ethereum network was 0.0032, decreased 5.1% this week.

Ethereum Transaction Fee

1.13 Concentration of Wealth on Ethereum

The concentration of wealth on Ethereum network was about unchanged. The top 10 addresses held 12.4% of all ETH, increased by 0.15% from last week; the top 10–100 addresses held 24.6% of all ETH, increased by 0.08% from last week; the top 100–1,000 addresses held 25.19% of all ETH, increased by 0.08% from last week; the remaining addresses held 37.81% of all ETH, decreased by 0.04% 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 was extra-large transaction. Large transactions on the ETH network decreased from 104 to 85 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 decreased 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 32.1% to 30.7%.

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, 6 addresses had significant changes in their respective balances, in which 4 were net inflows and 2 were net outflows. The most ETH inflow was from major exchange addresses, especially from Bitfinex that had net inflow of 0.13 million ETH.

Change in Balance of Top 30 Ethereum Address

1.17 EOS Transactions

The number of transactions on the EOS network was 5.28 million (including transfer, RAM collateral/purchase, collateralization for CPU), decreased 79.4% from last week and falling for five consecutive weeks.

EOS Transactions (in millions)

1.18 RAM Utilization and Voting Percentage on EOS

RAM utilization on EOS was 56.6% this week (61.8% compared to last week), and the addresses that voted for Blockproducers accounted for 38.41% of the overall 327,563 addresses (increased 15,457 addresses compared to last week).

Left: RAM Utilization; Right: Voting Percentage on EOS

1.19 Concentration of Wealth on EOS Network

EOS was mainly concentrated in EOSIO related accounts, including EOSIO.Stake, EOSIO.Saving, EOSIO.unregd. Among the top10 EOS addresses of remaining, 1 addresses had net outflow and 1 had net inflow. The largest EOS inflow was from a bitfinex address of 61.8 million EOS. The largest EOS outflow was from “hzdeobuhege” address of 3.89 million EOS.

Change in Top 10 EOS Addresses

1.20 Active NEO Address

This week, active NEO address decreased 56.3% to 0.02 million from last week.

Active NEO Addresses (in millions)

1.21 NEO Transaction Volume

The Coin Research Institute 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 0.06 million, decreased 65.3% from last week. The number of transaction volume this week was 0.04 million, decreased 38.6% 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.

In the events category, NLP Word Cloud suggests “Rebound”, “Bull market” and “Risk” as the hottest words of the week. “Rebound” refers to Bitcoin returns to more than 6,000 support levels, and the expectations according to the rebound of currency price; “Bull market” refers to the widespread pessimism with the recent decline in the value of the currency; “Risk” refers to 1) the manipulation risk of cryptocurrency exchange. 2) the risk of futures burned results from the violent fluctuations in the market price.

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, discussion of “Xu Mingxing” mainly focused on the follow-up discussion results from the police investigation last week.

8btc.com Word Analysis

We witness a drastic change in the trending topics this week, within all topics of these three categories, focus on “graphite”, “zone”, “Monroe”, “Vechain” and “POS” receiving the largest increase, while focus on “token”, “Jihan Wu”, “short”, “Zilliqa” and “Sun Yuchen” 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 NANO as the three cryptocurrencies that received the most widespread attention this week. For Bitcoin and Ethereum, discussions mainly focused on price and trading strategies. Discussions on NANO focused on the release of NANO 16.0 led to a 40% rise on currency price.

In the Events category, NLP Word Analysis suggests “Wallet”, “Fiat”, and “BOT robot” as the hottest words of the week. “Wallet” refers to the discussion on a four-year-long, $700 million address recently transferred Bitcoin to Bitfinex and Binance, which was widely speculated to be a silk road wallet address; “Fiat” refers to the discussion on the opening of Singapore legal currency exchange; “BOT robot” refers to the discussion on the strategy of using robots for quantitative trading;

In the Exchanges/Opinion Leaders category, NLP World Analysis suggests “Binance”, “Coinbase”, and “Huobi” as the hottest words of overseas this week. They refer to the normal discussion between Cryptocurrency investors overseas; it is worth mentioning that it was the first time for Huobi to enter the reddit top three, the main reason is that the BitTrade, a Japanese exchange, got a legal license.

r/CryptoCurrency Word Analysis

We witness a drastic change in the trending topics this week, with focus on “NEO”, “Inflation”, “kucoin”, “pos” and “dash” receiving the largest increase, while focus on “tangle”, “yobit”, bithumb”, “Kraken” and “USDT” 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, BTE, ETH, and EOS were the top Cryptocurrencies projects with the most forks in a week; EOS, ETH and ADA were the projects with the most commit submissions this week, of which ETHETH released five versions.

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

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

The number of chats in EOS community telegram groups decreased dramatically, from 13,400 to 12,600 (the number EOS China decreased by 900, the number of EOS overseas increased by 200).

Left: Total Number of Messages in Official EOS Telegram Groups (in Thousands); Right: Separated Number (in thousands)

3. Market Data

3.1 Rate of Return/Price Volatility

In the cryptocurrency market this week, the price of Cryptocurrencies raised more and dropped less. Ripple experienced the largest increase of 24.7%, and IOTA experienced the largest decrease of 3%; In terms of price volatility, BTC has the smallest volatility rate of 0.0014 s.d. (standard deviation of price fluctuation in every 15 minutes), while IOTA has the largest volatility rate of 0.0056 s.d.

Rate of Return vs Price Volatility

3.2 Cryptocurrency Price Correlations

The overall correlation coefficient of the market is very high this week, except Ripple.

IOTA and BTC had the highest correlation coefficients of 0.94, then ETH and LTC, with the correlation coefficients of 0.93; Ripple and IOTA had the lower correlation coefficient of 0.45, Ripple and BCH had the correlation coefficient of 0.47.

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.

Blockchain industry top think tank, affiliated to Huobi Group.

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Huobi Research

Huobi Research

Blockchain industry top think tank, affiliated to Huobi Group.

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