Huobi Blockchain Big Data Weekly Insights Vol. 18

Transcription

1 Huobi Blockchain Big Data Weekly Insights Vol /10/3-2018/10/10 Abstract All data in this report was captured and analyzed by ; please cite the source Huobi Blockchain Big Data for reference. New Data Included: Overall Telegram Activity This Week: Author Yuming Hubery Yuan Hai Du Junjing Shi 1) The number of active addresses on Bitcoin increased by 1.9% from last week to 3.56 million, reaching a two-month high. 2) Number of active addresses on Ethereum increased by 21.3% this week, with number of transactions increased by 14.6% and total transaction volume decreased by 2.6% 3) In terms of GitHub code updates, ADA, XMR and ETH saw the most codes added to their respective GitHub repositories. 4) Among official cryptocurrency telegram groups, EOS China, TRON English and VeChain English were the three most active groups. huobiresearch@huobi.com Social Media Data: BTC, ETH, EOS to be the top trending in China, while BTC, Nano, ETH were the top Cryptocurrencies overseas; In the Events category, Rebound, America and Contract were the hottest words in China, while Decentralized, China and Bot were the hottest words overseas; in the Exchange and KOL category, Huobi, Binance and Li Xiaolai were the hottest in China, while Coinbase, Binance, Binance and Yobit were the hottest overseas. Among Github repositories, BTC, ETH and EOS were the top Cryptocurrencies projects that received the most stars in a week; BTC, XMR and EOS were the projects that received the most watchers in a week; ADA, XMR and ETH were the projects with the most code commit submissions this week. The number of chats in EOS community telegram groups increased slightly, from 2,2200 to 2,3700. Search interest for

2 Huobi Big Data Weekly Insights cryptocurrency- and blockchain-related words decreased on Baidu and Google. The number of chats in EOS community telegram group increased slightly. But decreased 56% from the peak in June. Market Trading Data: In the cryptocurrency market this week, the price of Cryptocurrencies raised up and down. TRON receiving the largest increase of 17.05% and Ripple receiving the largest decrease of 12.74% in their respective prices. In terms of trading volume, XMR had the largest increase of 573%, Ripple had the largest decrease of 47.59%; Top 10 Cryptocurrencies had low correlations in their price movements this week. 2

3 TABLE OF CONTENTS FULL REPORT ON-BLOCKCHAIN DATA ACTIVE BITCOIN ADDRESSES BITCOIN TRANSACTIONS BITCOIN TPS BITCOIN TRANSACTION FEE CONCENTRATION OF WEALTH ON BITCOIN BTC LARGE TRANSACTIONS MONITOR BITCOIN TRANSACTION VOLUME DISTRIBUTION CHANGE IN BALANCE OF TOP 30 BITCOIN ADDRESSES ACTIVE ETHEREUM ADDRESSES ETHEREUM TRANASCTIONS ETHEREUM TPS ETHEREUM TRANSACTION FEE CONCENTRATION OF WEALTH ON ETHEREUM ETH LARGE TRANSACTIONS MONITOR CHANGE IN BALANCE OF TOP 30 ETHEREUM ADDRESSES EOS TRANSACTIONS EOS RAM UTILIZATION AND VOTING PERCENTAGE SOCIAL MEDIA DATA KEYWORD ANALYSIS (CHINA) KEYWORD ANALYSIS (OVERSEAS) GITHUB CODE ACTIVITY OVERALL TELEGRAM ACTIVITY EOS TELEGRAM ACTIVITY MARKET DATA RATE OF RETURN/ TRADING VOLUME CRYPTOCURRENCY PRICE CORRELATIONS

4 Full Report Huobi Big Data Weekly Insights 1. On-Blockchain Data 1.1 Active Bitcoin Addresses This week, the number of active Bitcoin addresses increased by 1.9% to 3.56 million, reaching a two-month high. Figure1.:Active Bitcoin Addresses(in millions) Data Source:, Blockchain Node File There were 1.28 million new Bitcoin addresses created this week, decreased by 4.7% from last week s 1.34 million. Figure2.:New Bitcoin Addresses (in millions) 4

5 Data Source:, Blockchain Node File 1.2 Bitcoin Transactions The overall transaction volume on Bitcoin network was 5.07 million BTC, down by 22% from last week s 6.52 million. There were overall 1.65 million transactions this week, decreased by 0.7% compared to last week. The average trading volume per transaction decreased by 21.7% to 3.08 BTC this week. Figure3..1:Bitcoin Transaction Volume (ten thousand BTC) Figure3..2: Number of Transactions on BTC (i ten thousand) Data Source:, Blockchain Node File Data Source:, Blockchain Node File 1.3 Bitcoin TPS Figure4.:Bitcoin TPS The average bitcoin transaction per second (TPS) was 2.73, decreased 0.02 TPS from last week /1-8/8 8/8-8/15 8/15-8/22 8/22-8/29 8/29-9/5 9/5-9/12 9/12-9/19 9/19-9/26 9/26-10/3 10/3-10/10 5

6 Data Source:, Blockchain Node File Huobi Big Data Weekly Insights 1.4 Bitcoin Transaction Fee The overall transaction fee on Bitcoin network decreased from BTC to BTC this week. Average transaction fee was BTC, decreased by 18.3% from last week. Figure5.: Bitcoin Transaction Fee (BTC) Data Source:, Blockchain Node File 1.5 Concentration of Wealth on Bitcoin Concentration of wealth on bitcoin slightly decreased. Top 10 addresses held 5.81% of all Bitcoins, 0.04% less than last week; top addresses held 0.03% less Bitcoins than that of last week; top held 0.02% more Bitcoins than that of last week; other addresses held 0.96% less Bitcoins than that of last week. Figure6.:Concentration of Wealth on Bitcoin 6

7 Data Source:, Blockchain Node File 1.6 BTC Large Transactions Monitor 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 no extralarge transaction on Bitcoin network. The number of large transactions decreased from 383 to 284 this week. Figure7.: Large and Extra-Large Transactions on BTC Network 7

8 Huobi Big Data Weekly Insights Data Source:, Blockchain Node File 1.7 Bitcoin Transaction Volume Distribution Transaction volume decreased for all categories, in which 1k-10k BTC transactions received the largest decrease, decreasing from 19.2% to 13.4% Figure8..1:Transaction Breakdown by Volume (in ten thousand BTC) Figure8..2: Weekly BTC Transaction Distribution Data Source:, Blockchain Node File Data Source:, Blockchain Node File 1.8 Change in Balance of Top 30 Bitcoin Addresses This week, there was only one out of all top 30 bitcoin addresses that had 8

9 significant change in balance. It was a Bitfinex cold wallet addresses with a net outflow of 7187 BTC. Figure9. Change in Balance of Top 30 Bitcoin Address Data Source:, Blockchain Node File 1.9 Active Ethereum Addresses The number of active addresses in Ethereum has increased from 0.97 million to 1.18 million, ended a four-week losing streak with a 21.3# increase. Figure10.: Number of Active Ethereum Addresses (in millions) 9

10 Huobi Big Data Weekly Insights Data Source:, Blockchain Node File 1.10 Ethereum Transactions The overall transaction volume on Ethereum has decreased 2,63% to 9.82 million ETH. There were overall 3.87 million transactions this week, increased by 14,6% compared to last week; average transaction volume decreased 17% from last week to 2.54 ETH. Figure11..1:Overall Trading Volume on ETH (in million ETH) Figure11..2: Number of Transactions on ETH (in million Data Source:, Blockchain Node File Data Source:, Blockchain Node File 1.11 Ethereum TPS The average transaction per second (TPS) on Ethereum network this 10

11 Figure12.:Ethereum TPS week increased by 0.8 to 5.6 tps this week Data Source:, Blockchain Node File 1.12 Ethereum Transaction Fee The overall transaction fee on Ethereum network has decreased from to 8500 ETH this week, while the average transaction fee on Ethereum network was ETH, decreased 33% this week. Figure13.:Ethereum Transaction Fee Data Source:, Blockchain Node File 11

12 Huobi Big Data Weekly Insights 1.13 Concentration of Wealth on Ethereum The concentration of wealth on Ethereum network has increased compared to last week: top 10 accounts held 12.65% of all ETH, increased by 0.05% from last week; top addresses held 25.29% of all ETH, increased by 0.98% compared to last week; top addresses held 25.26% of all ETH, down by 0.04% compared to last week; the rest addresses held 36.8% of all ETH, down by 0.98% from last week. Figure14.: Concentration of Wealth on ETH Data Source:, Blockchain Node File 1.14 ETH Large Transactions Monitor 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 3 extra-large transactions and 103 large transactions. 12

13 Figure15.:Large and Extra-large Transactions on ETH Network Data Source:, Blockchain Node File 1.15 Change in Balance of Top 30 Ethereum Addresses. There were 3 out of top 30 Ethereum addresses with significant change in their respective balances, in which all were ETH inflow. WrapperEther addresses saw the largest change in its balance a net inflow of 34k ETH. 13

14 Figure16: Change in Balance of Top 30 Ethereum Address Huobi Big Data Weekly Insights Data Source:, Blockchain Node File 1.16 EOS Transactions There were 8.97 million transactions on EOS this week (including transfer, RAM collateral/purchase, CPU collateralization), increased by 3.9% from last week. Figure17: EOS Transactions (in millions) Data Source:, Blockchain Node File 14

15 1.17 EOS RAM Utilization and Voting Percentage RAM utilization on EOS was 58.97% this week (60.88% last week); among all 363k EOS addresses, 39.48% has voted for blockproducers, increased by 0.36% compared to last week. Figure18: EOS Voting Percentage and RAM Utilization Data Source:, Blockchain Node File 2. Social Media Data 2.1 Keyword Analysis (China) 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, Ethereum, and EOS 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, America and Contract as the hottest words of the week. Rebound refers to: suffered multiple occasions of pump and dump, whether retail investors are more cautious about rebound; America involved with 1) The SEC American will review nine bitcoin ETF applications; 2) Former U.S. 15

16 Huobi Big Data Weekly Insights President Bill Clinton called "excessive regulation is an unbearable burden for blockchain."; Contract refers to the discussion mainly about issues related to contract transaction. In the Exchanges/Opinion Leaders category, NLP Word Cloud suggests Huobi, Bianace, and Li Xiaolai as the hottest words of the week, with discussions of Huobi mainly focused on daily exchange, discussion of Binance mainly focused on Binance sold out chat and three Cryptocurrencies results to the dramatically decrease on Cryptocurrency price. Li Xiaolai mainly focused on his statement that he will no longer investing in blockchain project. Figure19: 8btc.com Word Analysis Source: We witness a drastic change in the trending topics this week, within all topics of these three categories, focus on AI, Campaign, Ripple, Github and Ox receiving the largest increase, while focus on Sun Yuchen, Zhao Dong, Pow, Financial crisis and POS receiving the largest decrease. 16

17 Figure20.1: Top Trending Topics Figure20.2: Least Trending Topics Source: Source: 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, discussions on mainly focused on price and trading strategies. In the Events category, NLP Word Analysis suggests Decentralized, China, and BOT robot as the hottest words of the week. Decentralized refers to the discussion on the impact of decentralized exchanges on the virtual currency market. ; China refers to the discussion on 74% of bitcoin mining is in China China has the ability to destroy bitcoin and so on. Bot robot refers to the discussions on the strategy of using robots for quantitative trading. In the Exchanges/Opinion Leaders category, NLP World Analysis suggests Coinbase, Binance, and Yobit as the hottest words of overseas this week, with the normal discussion mainly focused on general topics among platform users. 17

18 Figure21: r/cryptocurrency Word Analysis Huobi Big Data Weekly Insights Source: We witness a drastic change in the trending topics this week, with focus on FUD, Trump, China, Government and Inflation receiving the largest increase, while focus on Satoshi, ETF, LTC, Electricity and DASH receiving the largest decrease. Figure22.1: Top Trending Topics Figure22.2: Least Trending Topics fud 178% satoshi -58% trump 166% etf -65% china 154% ltc -75% government 113% electricity -76% inflation 76% DASH -91% Source: Source: 2.3 Github Code Activity Among all GitHub repositories this week, ETH, EOS, and ADA were the projects with the most commit submissions; BTC, ETH and EOS were the projects with the most forks; ADA, XMR, and ETH were the projects with most code commit submissions; BTC, EOS and DASH were the projects with the most issue; BTC, ETH and EOS were the projects with most stars; BTC, MR and EOS were the projects with most watchers. 18

19 Figure 23: GitHub Activity Source:Github, 2.4 Overall Telegram Activity We measured the vitality of telegram community by the chat volume among the relatively active community telegram groups: The top three activist telegram groups this week were1) EOS China (Chinese group), 2) TRON English group, 3) Vechain English group. Figure 24: Telegram Activity Source: 2.5 EOS Telegram Activity We measured the vitality of EOS community by the chat volume among the 19

20 Huobi Big Data Weekly Insights 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 increased slightly, from11,100 to 11,400 (the number EOS China decreased by 100, the number of EOS General and EOS Price increased by 400) Figure 25: EOS Telegram Activity (in thousands) Source: Telegram, Figure 26: EOS Telegram Activity Breakdown EOS General Chat EOS China Source: Telegram 3.Market Data Rate of Return/ Trading volume

21 In the cryptocurrency market this week, the price of Cryptocurrencies raised up and down. TRON experienced the largest increase of 17.05%, and Ripple experienced the largest decrease of 12.74%; In terms of trading volume, Monero has the largest increase of 573%, while Ripple has the largest decrease of 47.59%. Figure 27: Rate of Return vs. Price Volatility Data Source: CoinMarketCap, 3.2 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.the Cryptocurrency price correlations is relatively low this week, Cryptocurrencies price move in the different directions. LTC and Stellar had the highest correlation coefficients of 0.95, then LTC 21

22 Huobi Big Data Weekly Insights and NEO, with the correlation coefficients of 0.91; Ripple and TRON had the lower correlation coefficient of -0.81, ETH and TRON had the correlation coefficient of Figure 28: Pearson Correlations Matrix 数据来源 : 火币区块链研究院 22

23 About Us: was founded in April 2016 and started research and explorations in various aspects in Blockchain area since March We cover various fields such as Blockchain technology research, industry analysis, application innovation and economic model explorations. 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 Blockchain industry. Huobi Data Analytics Weekly aims to provide participators of the cryptocurrency market with the most up-to-date and comprehensive database to help them facilitate decision-making process. Contact Us: Jianshu: Twitter: huobiresearch@huobi.com 火币区块链 Huobi_Research Medium: Facebook: Website: Disclaimer: 1. 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 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. 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 on the day it was finalized. Future market condition changes may lead to updates of such judgements. 5. The report is copyrighted by, 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. 23