By Bitcoin ວາລະສານ - 2 ປີກ່ອນ - ເວລາອ່ານ: 2 ນາທີ
ເປັນແນວໃດ Bitcoin On-Chain Activity Reflecting The Price?
Typically, higher on-chain Bitcoin activity comes with a rising price and vice versa.
ຂ້າງລຸ່ມນີ້ແມ່ນມາຈາກສະບັບທີ່ຜ່ານມາຂອງ Deep Dive, Bitcoin ຈົດnewsາຍຂ່າວການຕະຫຼາດທີ່ນິຍົມຂອງວາລະສານ. ເພື່ອເປັນ ໜຶ່ງ ໃນຜູ້ ທຳ ອິດທີ່ໄດ້ຮັບຄວາມເຂົ້າໃຈເຫຼົ່ານີ້ແລະອັນອື່ນຢູ່ໃນຕ່ອງໂສ້ bitcoin ການວິເຄາະຕະຫຼາດໂດຍກົງຫາກ່ອງຈົດາຍຂອງເຈົ້າ, ຈອງດຽວນີ້.
In today’s Daily Dive, we’re covering the latest state of on-chain activity across transactions, volume, active addresses and entities. Typically higher activity comes with a rising price and vice versa.
When it comes to analyzing overall transfer volume of the network denominated in BTC, change-adjusted volume is one that we’ll focus on. That’s different from both total transfer volume and entity-adjusted volume estimates, which don’t account for transaction change and filter out volume sent within the same entity. Currently, the network is settling around 593,000 bitcoin ຕໍ່ມື້.
Typically around all-time highs, there’s a rise in BTC-denominated volume. Here we can see the most recent rise over the last three years using a 90-day rolling sum of volume. The latest increase doesn’t show up as a spike in entity-adjusted transfer volume so most of the rise looks to be driven by internal transfers.
Generally, we would expect BTC-denominated transfer volume on-chain to fall over time with rising Lightning Network adoption and rising USD value. More total value can transfer on the network in lower BTC amounts. Currently the median change-adjusted transfer volume is $457.50.
In previous bull markets and at all-time highs, miners were making a much higher percentage of revenue from transaction fees. Now at the latest all-time highs, the percentage of transaction fee revenue remained below 2%.
Some activity indicators to track, which generally move together on the network, are active addresses, active entities and number of transactions. Acceleration in these metrics typically correlate with a rise in price. All were in an accelerating trend since July, peaking in November.
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