In the past week, the total amount of Bitcoin’s large transactions plummeted by 97%. What does this mean?

Source: Shallot

Yesterday morning, bitcoin and other mainstream currencies appeared diving. Currently, Bitcoin's positive force is supported above $8,000.

In addition, the number of investors who have earned positive returns on the Bitcoin network and the reduction in large-value transactions have brought a glimmer of gambling to the cryptocurrency market.

According to IntoTheBlock data, multiple signals indicate an increase in market sentiment.

1. Nearly 30% of Bitcoin addresses are at a loss

The data shows that even if the price of Bitcoin falls to around $8,100, the bottom support momentum of Bitcoin remains strong. At the current price, 61% of Bitcoin addresses are still in a profitable state. This means that if these addresses sell BTC at the current price, you can get the benefit.

However, despite this, the number of bitcoin addresses in a lossy state has increased dramatically over the past week, with nearly 30% of bitcoin addresses being at a loss.

Second, the total amount of bitcoin transactions in the past week (single over $100,000) decreased by 97%

The number of addresses where Bitcoin addresses are at a loss limit may be the cause of the bitcoin network stagnation.

The average transaction size from the average transaction size to the bitcoin network is on a downward trend, and the only indicator of a slight increase is the number of short positions in the market.

In addition, it is worth noting that the large transactions on the Bitcoin network have also suffered a huge blow. The volume of transactions with a transaction volume of more than $100,000 fell by nearly 35% in less than two days, while the total transaction volume was cut in half.

In addition, IntoTheBlock noted that the total amount of Bitcoin transactions (single value over $100,000) has decreased by 97% in the past week.

As the number of large transactions decreases, the total number of transactions on the Bitcoin network also shows a downward trend.

However, Shallot’s previous article “The volume of trading on the mainstream exchanges has plummeted, and the market’s large fluctuations may be coming soon! "As of November 17, the volume of transactions on the mainstream exchanges has dropped to a low in recent months, and there is still a tendency to continue to shrink. Whether the shrinking volume of transactions indicates a reversal of the market or a weakening of interest in the encryption market, a sudden major change can be expected. U.today said that head-encrypted currencies tend to change around Christmas, and this may be the case in 19 years.

Although there are still some optimists, most analysts and traders still have a biased view on the short-term market.

This article is an exclusive compilation of cryptoslate articles by Scallion APP. The full text has been deleted and changed. Please indicate the source.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Can the combination of decentralized derivative exchanges and account abstraction open up the next incremental entry point?

How much will the target audience expand if decentralized contract exchanges can be logged in using Google accounts?

Blockchain

Get Ready for a Jaw-Dropping 90% Asset Return by Q2 2024 FTX Customers in for a Thrilling Ride with New Amended Proposal!

Exciting news for customers of defunct cryptocurrency exchanges FTX and FTX.US - an updated proposal offers hope of r...

Blockchain

Gemini Exchange sets up insurance company to provide $ 200 million in insurance for custody services

The Winklevoss brothers' Gemini exchange has set up an insurance company to prepare up to $ 200 million in insur...

Blockchain

Exchange Real Volume Report (on) | TokenInsight

Summary of points: 1. According to the report, 36% of the exchanges (11) have a real trading volume ratio higher than...

Blockchain

Bella Fang: The exchange is at the top of the food chain. How can small and medium-sized projects seize this channel?

On the afternoon of the 9th, at the 2nd Global Blockchain Summit·Wuzhen site hosted by Babbitt, Bella Fang, foun...

Blockchain

Coinbase publicly acknowledges that 3,420 user information is threatened by registration vulnerability

According to foreign media, Coinbase Exchange acknowledged in its latest blog post that a vulnerability in their syst...