huobi blockchain big data weekly insights vol. 30 · huobi blockchain big data weekly insights 8...

Huobi Blockchain Big Data Weekly Insights Vol. 30

2018/12/26-2019/1/2

Abstract

All data in this report was captured and analyzed by Huobi Research; please cite the source “Huobi

Blockchain Big Data” for reference.

This Week:

1） The number of new Bitcoin addresses decreased significantly for 2 consecutive weeks, and the number of

new addresses created this week became the lowest in the past six months. The transaction volume and

the number of transfers decreased in value to varying degrees.

2） The number of active addresses of Ethereum declined. The number and the amount of transfers decreased

significantly.

3） The transactions of EOS drastically decreased. The number of new addresses created this week has

declined nearly 50%.

4） On-chain Data：

Social media data：

In the field of digital currency, Bitcoin, Ethereum and EOS are the most popular in the country; BTC, ETH

and XRP in foreign countries. In the field of hot events, the top three domestic hot topics are “bear market”,

“bull market” and “forking”, and top three foreign topics are “SCAM”, "Wallet" and "Mining"; in the exchange

and currency circle KOL field, domestic Huobi, Binance, Justin Sun occupy the most community attention,

and the top three abroad are Coinbase, Satoshi, Binance.The top three cryptocurrencies winning most new likes

on GitHub were ETH, BTC, and EOS in descending order in the previous week. BTC attracted the most fans,

followed by ADA and IOTA. In terms of activity, ETH, IOTA, and ADA were the top three active projects with

most new lines of code. Market Trading Data： In the cryptocurrency market this week, the price of major cryptocurrencies all increased to varying degrees,

with the largest growth of IOTA, and the largest drop of NEM. The most obvious growth of transaction amount

is Maker, the most obvious decline is ETC.

Author Yuming Hubery Yuan Hai Du Junjing Shi [email protected]

mailto:[email protected]

Huobi Blockchain Big Data Weekly Insights

2

TABLE OF CONTENTS

FULL REPORT ..........................................................3

1. ON-BLOCKCHAIN DATA ..................................3

1.1 ACTIVE BITCOIN ADDRESSES ............................................................................... 3 1.2 BITCOIN TRANSACTION .......................................................................................... 4 1.3 ON-CHAIN BITCOIN TRANSACTION FEE ............................................................. 4 1.4 CONCENTRATION OF WEALTH ON BITCOIN ........................................................ 5 1.5 BTC LARGE TRANSACTIONS MONITOR ............................................................. 6 1.6 BITCOIN TRANSACTION VOLUME DISTRIBUTION ............................................. 7 1.7 ACTIVE ETHEREUM ADDRESSES .......................................................................... 8 1.8 ETHEREUM TRANSACTIONS................................................................................... 8 1.9 ETHEREUM ON-CHAIN TRANSACTION FEE ........................................................ 9 1.10 CONCENTRATION OF WEALTH ON ETHEREUM ................................................ 9 1.11 LARGE ETHEREUM TRANSACTION MONITORING ........................................ 10 1.12 EOS ON-CHAIN ACTIVITY ANALYSIS ............................................................ 11 1.13 EOS DAPP ACTIVITY ....................................................................................... 12

2. SOCIAL MEDIA DATA ..................................... 14

2.1 KEY WORDS (CHINA) .......................................................................................... 14 2.2 KEY WORD THIS WEEK (OVERSEAS) ............................................................... 15 2.3 GITHUB CODE ACTIVITY THIS WEEK .............................................................. 16

3. MARKET DATA ................................................. 17

3.1 RATE OF RETURN/ TRADING VOLUME .............................................................. 17 3.2 CRYPTOCURRENCY CORRELATION .................................................................... 17

Huobi Research

3

Full Report

1. On-Blockchain Data

1.1 Active Bitcoin Addresses

The total number of Bitcoin active address was 3.50 million, 4.2% less

than the number of last week, declined for two consecutive weeks.

Figure 1：Active Bitcoin Addresses（in ten thousand）

Data source：Huobi Research, Blockchain Node File，

The number of new addresses created this week was 1.10 million, down

6.4% from 1.17 million last week, declined for two consecutive weeks,

became the lowest in the past six months.

369

398381 381

354344

358

387

365350

250

270

290

310

330

350

370

390

410


4

Figure2：New Bitcoin Addresses (in millions)

Data Source: Huobi Research, Blockchain Node File

1.2 Bitcoin Transaction

The transaction volume of the Bitcoin on-chain was 6.875 million BTC,

a drop of 12.9% from 7.898 million last week. The number of on-chain

transactions was 19.1 million, similar to last week. The average amount of

BTC per transaction was 3.59 BTC, down 13.3% from last week.

Figure3.1：Bitcoin Transaction Volume (ten thousand BTC)

Figure3.2: Number of Transactions on BTC (in ten thousand)

Data Source: Huobi Research, Blockchain Node File Data Source: Huobi Research, Blockchain Node File

1.3 On-chain Bitcoin Transaction Fee

This week's total transaction fee has increased, from 167 BTC last week to

Huobi Research

5

107 BTC. The average transaction fee per transaction was 0.00006 BTC,

down 35.9% from last week.

Figure4: Bitcoin Transaction Fee (BTC)


1.4 Concentration of Wealth on Bitcoin

This week's bitcoin address concentration has not changed much from

last week. Top10 holdings kept percentage points to 5.29%; Top10-100

addresses decreased 0.06 percentage points lower than last week; Top100-

1000 addresses increased by 0.09 percentage points; remaining addresses

decreased by 0.03 percentage points to 64.48%.


6

Figure5：Concentration of Wealth on Bitcoin


1.5 BTC Large Transactions Monitor

The Huobi Research Institute classifies bitcoin transactions based on the

amount of the transfer: the amount > 10,000 bitcoin is a gigantic transfer, the

amount between 1,000 and 10,000 bitcoin is large transfers, and the amount

below 1,000 is categorized as others. There were 3 gigantic transfers this

week, and the number of large transfers of 1K-10KBTC decreases from

1,009 last week to 886.

Top10, 5.30% Top10, 5.30% Top10, 5.30% Top10, 5.29%

Top10-100, 10.32%

Top10-100, 10.39%

Top10-100, 10.46%

Top10-100, 10.40%

Top100-1K, 19.78%

Top100-1K, 19.74%

Top100-1K, 19.73%

Top100-1K, 19.82%

64.59% 64.58% 64.51% 64.48%

12/12/2018 12/19/2018 12/26/2018 1/2/2019

Huobi Research

7

Figure6: Large and Extra-Large Transactions on BTC Network


1.6 Bitcoin Transaction Volume Distribution

Bitcoin's large-volume transfers decreased this week, and the percentage of

1K-10K BTC range transfers dropped the most from 21.5% last week to

19.8%.

Figure7.1：Transaction Breakdown by Volume (in ten

thousand BTC) Figure7.2: Weekly BTC Transaction Distribution


318

868

10511003

11431037 1009

886

2

15

2

18

15

1 1

30

2

4

6

8

10

12

14

16

18

20

0

200

400

600

800

1000

1200

1400

1K-10K（large transfers） 10K+（gigantic transfer）


8

1.7 Active Ethereum Addresses

This week, the number of active addresses in Ethereum decreased 2%

from 1.03 million last week to 1.00 million.

Figure 8：Number of Active Ethereum Addresses (in ten thousands)


1.8 Ethereum Transactions

The volume of the on-chain Ethereum transactions dropped from last

week to 17.74 million ETH, a decrease of 21.1%. There were overall 3.69

million transactions this week, 6.9% down from last week. The average

transaction volume per transaction was 4.81 ETH, 15.2% down from last

week.

Figure9.1：Total Trading Volume on ETH (in million ETH) Figure9.2: Number of Transactions on ETH (in million


119.6112.7 111.1 110.8

98.3 95.6106.9

100.2 102.5 100.4

Huobi Research

9

1.9 Ethereum On-chain Transaction Fee

This week, the Ethereum Transaction fee decreased, from 12,900 ETH to

10,000 ETH. The average fee per transaction was 0.0027 ETH, a decrease of

10.4% from last week.

Figure 10：Ethereum Transaction Fee


1.10 Concentration of Wealth on Ethereum

This week, the concentration of Ethereum address has increased

dramatically. The top ten holdings of Bitcoins held 12.48% of ETH, 0.25

percentage points up from last week. The share of the Top10-100 address

was 21.27%, 0.12 percentage points down from last week; the top 100-1000

address held 29.88%, 0.07 percentage points down from last week; the

remaining addresses’ Bitcoin holding decreased, from 36.66% last week to

36.37%, 0.29 percentage points down.


10

Figure 11：Concentration of Wealth on ETH


1.11 Large Ethereum Transaction Monitoring

The Huobi Research Institute classifies Ethereum transactions based on the

amount of the transfer: the amount of >50,000 ETH is an extra-large

transfer, the amount between 10,000 and 50,000 ETH is large transfers, and

the amount below 10,000 is categorized as others. This week, Ethereum

has 13 gigantic transfers; the number of large transfers is 152, a sharp

increase from last week.

Top10 , 11.73% Top10 , 11.78% Top10 , 12.23% Top10 , 12.48%

Top10-100 , 21.37%

Top10-100 , 21.02%

Top10-100 , 21.15%

Top10-100 , 21.27%

Top100-1K, 30.08%

Top100-1K, 30.39%

Top100-1K, 29.96%

Top100-1K, 29.88%

others, 36.82% others, 36.81% others, 36.66% others, 36.37%

12/12/2018 12/19/2018 12/26/2018 1/2/2019

Huobi Research

11

Figure 12：Large and Extra-large Transactions on ETH Network


1.12 EOS On-chain Activity Analysis

EOS this week, the number of on-chain transactions was 5.04 million

(including transfer, RAM mortgage / purchase, CPU mortgage operation),

13.9% down from last week. The number of EOS accounts increased by

12,000 this week, the growth rate decreased by 48.7% from last week.

5934 33

165

38

422

140111

152

3 2 121

223

5 9 13

10K-50K 50K+


12

Figure 13：EOS Transactions (in ten thousands)


Figure 14：New EOS Addresses


1.13 EOS DAPP Activity

EOS is currently the most active DAPP on-chain project (according to the

account EOS trading volume this week), the top 5 were Dice、PokerEOS、Royal Online Vegas、EOS Knights、Endless Dice, all for gaming

14921979 2184 2361

3127 3150

4047

31913638 3805

5850

5039

21519

36091

2572724971

29128

1548015284

32981

23074

12640

19077

23432

12029

Huobi Research

13

applications except for EOS Knight.

On this basis, the Huobi Research Institute counted the EOS transaction

volume and the number of transfers in the currently active 228 EOS DAPP

projects. In this week's EOS active DAPP, gaming DAPP accounted for 85%

of EOS trading volume (84% last week) and 88% of transactions (87% last

week). It had the largest proportion of all DAPPs, and the proportion

continued to increase.

The DAPP activity on EOS this week increased by 8.8% from last week.

As in last week, this week's EOS DAPP active top 10 DAPP consist of 9

gaming projects and 1 exchange project (EOS Knight).

Figure 15：EOS DAPP Activity

EOS DAPP Categorization（ 1.By Transaction Volume 2. By Number of Transactions）

EOS DAPP Number of Transactions by time


14

Source：DAPPRADAR, Huobi Research

2. Social Media Data

2.1 Key Words (China)

The Huobi Research Institute conducted word segmentation through Natural

Language Recognition (NLP) and summarized three major categories of

keywords “Digital Currency”, “Events” and “Exchanges and KOLs” from

the posts and responses of Babbitt, the largest blockchain forum in China.

In the field of digital currency, Bitcoin, Ethereum and EOS are the three

most popular currencies. Bitcoin's main topics discussed this week are

currency price and trading strategy. This week's topic of EOS is that some

EOS DAPPs have been attacked recently, which has raised concerns about

EOS security. The main discussion about Ethereum is the upgrade of the

Constantinople.

In terms of hot events, the top three are “bear market”, “bull market”,

and “forking”. "Bear market" and "bull market" appeared in the top

three of the discussion list at the same time, indicating that the price of

digital currency has rebounded sharply recently. Investors have different

opinions about the future trend. The sharp increase in the discussion of

"forking" is mainly due to the recent bifurcation discussion about

Constantinople's upgrade.

In the KOL field of the exchange and the currency circle, Huobi, Binance

and Justin Sun occupy the top three attention of the community. Huobi

and Binance mainly discuss daily exchange issues. The surge in discussion

about Justin Sun was mainly due to his reply to Jed McCaleb, which did not

regard Stellar as a competitor at all.

Huobi Research

15

Figure 16：8btc.com Word Analysis

Data Source：Huobi Research

2.2 Key Word This Week (Overseas)

Similarly, the Huobi Research Institute summarized "digital currency",

"event" and "exchange and KOL" three categories of keywords based on the

"Crypto Currency" articles and response on the largest foreign forum Reddit

In the field of digital currency, BTC, ETH and XRP are the three most

popular currencies. The main topics discussed by BTC and XRP this week

focus on currency and trading strategy. ETH's main discussion on the

forking scheme of Constantinople.

In terms of hot events, the top three are “Scam”, “Wallet” and “Mining”.

This week, "Scam" is mainly about fraud projects and anti-fraud means of

discussion recently. “Wallet” is mainly about the choice and function of

wallet. And the discussion of “Mining” is mainly about whether it is

necessary to persist in Mining as bitcoin cannot make ends meet due to the

falling price.

In the field of exchange and currency circle KOL, “Coinbase”,

“Satoshi” and “Binance” are most discussed abroad. "Coinbase" and

"Binance" mainly focuse on conventional topics between platform users,

including login problem, transaction problem, rate problem, etc. "Satoshi"

mainly discusses about 10th anniversary of bitcoin, a decade of

speculation about Satoshi nakamoto's true identity.


16

Figure 17：Word Analysis

Source：Huobi Research

2.3 Github Code Activity This Week

This week's mainstream cryptocurrency in the Github community, The projects with the most new lines of code are 1) ETH 2) IOTA 3) ADA The projects which have most new replications are 1) BTC 2) ETH 3) EOS; The projects with the largest number of commits are 1) XMR 2) BTC 3) XRP; The projects that have most issues are 1) IOTA 2) DASH 3) EOS The projects winning most new likes are 1) ETH 2) BTC 3) EOS The projects winning most new watchers are 1) BTC 2) ADA 3) IOTA

Figure 18：Github Activity

Source：Github，Huobi Research

new lines of code # of forks # of commits

# of issues New likes New watchers

Huobi Research

17

3. Market Data

3.1 Rate of Return/ Trading volume

This week, digital currency rebounded from last week, and digital currencies

respectively have risen to some extent. IOTA rose 18% this week, with the

highest growth rate, and NEM dropped 5.88% this week, with the highest

drop rate. This week, trading volume of most cryptocurrencies has

increased. The most obvious increase is Maker. The trading volume has

increased by 57%. The most obvious decline in trading volume this week is

ETC which is 43% lower.

Figure 19: Rate of Return vs. Price Volatility

Source：CoinMarketCap，Huobi Research

3.2 Cryptocurrency Correlation

The trend of ETC this week is relatively independent and has a low

correlation with other digital currencies. Other digital currencies are

highly correlated with each other. The most relevant ones are BTC and


18

LTC, with a correlation coefficient of 0.97. IOTA and Stellar have the

lowest correlation coefficient, which is 0.25.

Figure 20：Pearson Correlations Matrix

Source：Huobi Research

Huobi Research

19

Huobi Research

About Us：

Huobi Research was founded in April 2016 and started research and explorations in various aspects in Blockchain area since March 2018. 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：

E-mail： [email protected]

Jianshu：火币区块链

Twitter: Huobi_Research

https://twitter.com/Huobi_Research

Medium: Huobi Research

https://medium.com/@huobiresearch

Facebook: Huobi Research

https://www.facebook.com/Huobi-Research-655657764773922

Website: http://research.huobi.com/

Disclaimer：

1. Huobi Research 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

Huobi Research 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. Huobi Research 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 Huobi Research on the day it was finalized. Future market condition changes

may lead to updates of such judgements.

5. The report is copyrighted by Huobi Research, 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.

huobi blockchain big data weekly insights vol. 30 · huobi blockchain big data weekly insights 8...

Documents