Title: BTC ecosystem continues to be hot, on-chain data reveals only retail investors are buying in
Source: Day and Moon Xiaochu
Contents:
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1. Outflow of BTC on exchanges
2. BTC on-chain transaction fees
3. New BTC addresses
4. Holdings of different BTC amounts
We know that the influx of funds in the BTC ecosystem (also known as new investors) is an important factor in determining future trends. The best indicator of new funds is the withdrawal of BTC on exchanges. According to data, in the past week, the stock of BTC on exchanges increased from 2.336 million to 2.35 million, with a net inflow of 14,000. And in the week before that, there was only a net outflow of 1,000, indicating no significant outflows on exchanges, but rather significant inflows. In comparison, during the peak in May, exchanges saw a net outflow of 14,000 in a week. This indicates that the influx of funds in the BTC ecosystem is relatively limited, and some large holders may have already cashed out.
With this surge in activity, BTC on-chain transaction fees have risen significantly. The general network fees are around 0.00004 BTC, but in recent days, they have spiked to 0.00043, an increase of 10 times. However, it is important to note that 1) it is still significantly lower than the peak in May and 2) in recent days, BTC transaction fees have started to decline noticeably.
The number of new BTC addresses can measure the number of new users. Data shows that daily new BTC addresses are around 300,000 to 400,000. But in recent days, the daily number of new addresses has increased to 600,000, indicating a large influx of new users.
Analyzing the changes in BTC holding addresses from November 1 to the present, we see that the number of addresses holding more than 100 BTC has decreased from 16,166 to 16,127, a decrease of 39. The addresses holding more than 10 BTC have decreased from 156,229 to 155,975, a decrease of 254 addresses. The addresses holding more than 1 BTC have increased by 1,000. However, it is important to note that this increase is followed by a decrease, with a recent decrease of 600 in the past week. The addresses holding more than 0.01 BTC have increased by 101,000.
In summary, although there are a large number of new addresses, they are mostly retail investors. In reality, a large amount of BTC is flowing into exchanges, but there is no new influx of funds, and the signs of large holders taking profits are very clear.