Title: “BTC ecosystem continues to be hot, on-chain data reveals it’s just retail investors taking over”
We know that the incremental funds in the BTC ecosystem (also known as newbies) are an important factor in determining future trends. The best indicator of incremental funds is the amount of BTC withdrawals from exchanges. According to data, in the past week, the amount of BTC in exchanges increased from 2.336 million to 2.35 million, with a net inflow of 14,000. And the week before last, there was only a net outflow of 1,000, indicating that there was not a large net outflow from exchanges, but rather a large net inflow. In comparison, when ordi was hot in May, there was a net outflow of 14,000 BTC from exchanges in a week. This indicates that the incremental funds in the BTC ecosystem are relatively limited, and some large holders may have already cashed out.
With the rise in heat, the transaction fees on the BTC chain have significantly increased. The average network fee is around 0.00004 BTC, but in recent days it has risen to 0.00043, a 10-fold increase. However, it is important to note that 1) it is still very different from the highest value in May, and 2) in the recent two days, BTC transaction fees have begun to significantly decrease.
The number of new BTC addresses can measure the number of new users. From the data, it can be seen that the daily increase in BTC addresses is around 300,000 to 400,000. However, in recent days, the daily increase in addresses has risen to 600,000, indicating a large influx of new users.
Analyzing the changes in BTC holding addresses from November 1 to now from this data dimension, addresses holding more than 100 BTC decreased from 16,166 to 16,127, a decrease of 39. Addresses holding more than 10 BTC decreased from 156,229 to 155,975, a decrease of 254 addresses. Addresses holding more than 1 BTC increased by 1,000. But it must be noted that it increased first and then decreased, with a decrease of 600 in the past week. Addresses holding more than 0.01 BTC increased by 101,000.
In summary, although there are a large number of new addresses, they are mostly retail investors. The reality is that a large amount of BTC is flowing into exchanges, without incremental funds, and the signs of large holders taking profit are very clear.
(Source: BlockBeats)