March scan of data on the Bitcoin chain: Before and after the 3.12 plunge, the data reveals the Bitcoin ecological leader

According to CoinDesk data, in March 2020, the bitcoin price fluctuated for a period of time after adjusting for a period of high, then dived on March 12 and fell rapidly, resulting in the recently famous "3.12 plunge" Growth, this unexpected plunge also caused a large number of contracts to burst, huge amounts of wealth evaporated, and caused panic in the industry for a while. Since then, the currency price has gradually stabilized and rebounded, but market sentiment remains cautious. With this shocking market, throughout March, Bitcoin's on-chain transactions also fluctuated greatly, fully reflecting this linkage with Bitcoin's price. Next, let's review the March on-chain data And analysis, look at the wind and rain that stimulated March.

In March 2020, the transaction amount on the Bitcoin chain was 33785430.55BTC, which was an increase of 17.11% compared to 28849656.86BTC in February 2020. At the same time, we also need to look at it. Notice that March is more than February Two natural days. In terms of specific trends, at the beginning of March, the activity on the chain was not even as good as the level of February in the same period, but the currency price dive on March 12 changed the overall trend. The major increase in this month compared to February also occurred in 3 Between the 12th of March and the 14th of March.

In March 2020, the actual transaction value on the Bitcoin chain was 21704334.79BTC, which was an increase of 16.21% compared to 18677488.12BTC in February 2020. The actual transaction value we defined is to exclude transactions such as "changes". The actual bitcoin transferred out is relatively more accurate.

Judging from the comparison of bitcoin price and transaction volume in the past two months, the sharp drop in the currency price on March 12, 2020 was a watershed. Previously, the transaction value on the chain was relatively stable. After the price plummeted, the transaction value on the chain quickly enlarged But after stabilizing, it quickly fell back. From the point of view of the transaction volume on the chain in March, it also fully shows that its change is not related to the level of bitcoin price, but is closely related to the change of bitcoin price.

The number of large-value transfers on the chain in March 2020 was 45,266, an increase of 25.16% from 36,166 in February 2019. The impact of the price jump on March 12 in terms of large-value transfers was also longer than the transaction amount. .

Judging from the comparison with the price of bitcoin in the same period, the number of large transfers was not high before the price of the currency fell, but thereafter it was too high. From the perspective of price correlation, the sustained events are also longer than the transaction value on the chain. It can be seen that when the price plunge just occurred, there were more participants on the chain. Since then, exchanges and other institutions have been the main players. They often conduct on-chain transactions in the form of large-scale mergers to save miners' fees.

In March 2020, the total number of transactions on the bitcoin chain was 8,799,912, which was 6.01% lower than the 9,486,704 in February.

From the comparison of the number of transactions on the chain with the price of Bitcoin in the past two months, you can also see the phenomenon that can be correlated with the previous data, that is, the number of transactions has not increased because of the decline in the price of the currency. The participation of individual traders is still low, institutions are still important participants, and the digital assets of a large number of investors are still stored in centralized exchanges.

Look at the number of active addresses, that is, the number of addresses that initiated the transfer actively. The number of active addresses in March 2020 is

14,871,210, which is a slight increase of 2.02% compared with 14,576,714 in February 2020.

From the comparison of the number of active addresses and the price of Bitcoin in the past two months, the impact of the plunge in currency prices on active addresses is relatively limited, and there has not been much change.

From the overall view of the data on the chain, the plunge on March 12 reflects the sharp increase in the amount of transactions on the chain and the continuous high level of large-value exchanges, but at the same time, the number of active addresses and transactions has not increased synchronously. The reason for this has also been explained in other related analysis articles. The exchange is still the current Bitcoin ecosystem, especially the trading hub. The price of Bitcoin itself is also formed in the exchange's on-site trading, so when the price of the currency takes the lead When diving in an exchange, more assets obviously have to be traded on a more liquid exchange. Around exchanges, transactions on related chains will naturally also be carried out in accordance with the rules and mechanisms of the exchange. The typical is the user's withdrawal. Even if more withdrawals occur during the market turmoil, most exchanges will A large number of withdrawal requests were merged in one on-chain transaction, which resulted in an increase in large-value transactions, and the number of on-chain transactions and active addresses did not increase significantly. This shows that the exchange is the leader in the market It is not only reflected in on-site transactions, but also influences the trend of on-chain transactions.

Finally, let's take a look at the address distribution of the range of different Bitcoin balances at the end of each month:

1,571,806 address balances are greater than or equal to 1 BTC

31,447 with an address balance greater than or equal to 100 BTC

3,374 with an address balance greater than or equal to 1000 BTC

There are 155 addresses with a balance greater than or equal to 10000 BTC

Next, please continue to pay attention to the second part of the "On-chain Data March Scan" to see the details of the inflow and outflow of Bitcoin from the three giants of Binance, Huobi, and Okex from the perspective of the data on the Bitcoin chain.

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


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