Unlike traditional assets, where many transactions are hidden, Bitcoin is almost entirely transparent. One may not know who made a transaction or who owns an address, yet people can gain access to data of transactions.
It is a nearly inescapable fact that many have used to their advantage. One can analyze the data in order to get an edge over their fellow investors and users.
Noted on-chain analyst Willy Woo made this much clear, recently saying that Bitcoin data is printing a “macro bullish sign.”
Bitcoin Whales Are Accumulating At Rapid Clip
Citing data from Glassnode, Willy Woo on May 5th noted that the population of large Bitcoin holders (1,000+ coins) has increased strongly since January’s lows. This indicates these users have been in “solid accumulation mode,” which is a “macro bullish” trend:
“Whale population spotted increasing in the wild. They’ve been in solid accumulation mode since January unperturbed by the COVID crash. This is macro bullish,” Woo said in reference to the chart below.
#whalebreedingseason Whale population spotted increasing in the wild. They've been in solid accumulation mode since January unperturbed by the COVID crash. This is macro bullish.
Whales are entities holding 1000 BTC+, data by @glassnode pic.twitter.com/6HLFapIfNe
— Willy Woo (@woonomic) May 6, 2020
Notably, retail investors have also been found to have recently been buying BTC.
Blockchain data provider Coin Metrics reported in its April 7 edition of “State of the Network” that “the number of addresses holding between one billionth (1/1B) and one hundred millionth (1/100M) of the total BTC supply has increased by about 6% over the last 90 days.”
This has been supported by data from analytics firm Glassnode.
An April 15 report from the startup confirmed that “new user activity on the Bitcoin network has accelerated.” The rolling 7-day moving average of new entities using the network rising from 6,000 per day in the middle of March to over 17,000 in mid-April.
What’s Driving the Buying Pressure?
Behind this influx in buying interest for Bitcoin seems to be the block reward halving.
Google Trends data has indicated that global interest in the search term “Bitcoin halving” has recently gone parabolic. Simultaneously, interest in the term “Bitcoin” and “Buy Bitcoin” has increased.
Google Trends data for “Bitcoin halving” as of late-April.
This suggests that behind the increase in demand for BTC is the hype around the halving.
This is for good reason: the halving is expected to have a positive effect on the cryptocurrency market.
Dan Morehead, founder and CEO of Pantera Capital, addressed this in his April newsletter. He explained that from a simple supply-demand analysis, it makes sense for BTC to rally after the halving:
“It seems reasonable to say that if the new supply of bitcoin is cut in half, all else being equal, the price should rise. Most miners sell their block rewards as fast as they can. They need the money to pay for energy, data center space, and to buy faster chips in the never-ending arms race. When the number of bitcoins they receive and thus sell is cut in half, it’s got to have an impact.”
Photo by Cameron Venti on Unsplash origin »
In recent months, the Bitcoin market has seen a surge in private transactions, particularly through CoinJoin, a process that enhances privacy by pooling multiple users’ Bitcoin transactions.
Bitcoin Runes, a leading NFT protocol, generated $162.4 million in fees with over 15.6 million transactions, showing potential for a long-term market impact.
Bitcoin has surpassed 1 billion total transactions processed over its 15-year lifetime, marking a major milestone for the alpha crypto.
The post Bitcoin’s blockchain has processed 1 billion transactions, 15 years after its creation appeared first on Crypto Briefing.
Patterns of illicit activity involving groups of bitcoin nodes and chains of transactions are described in a research paper by Elliptic and MIT-IBM Watson AI Lab.
Launched on the day of the Bitcoin halving, Runes are a form of data embedded directly into Bitcoin transactions. Unlike simple financial transfers, Runes encapsulate additional information within these transactions.
Bitcoin (BTC) is observing noticeable spikes in whale transactions worth at least $100,000. Its supply on exchanges witnesses a gradual uptick amid the fight to reclaim $37,000. These spikes in large transactions started earlier this month, data from Santiment confirms.…
Fresh data from Glassnode, a blockchain analytics platform, shows that on-chain transactions on Bitcoin, the world’s most valuable network, fell to an all-time low in the past three months. That there are fewer transactions suggests that holders are unwilling to sell and are more inclined to HODL.
Several Bitcoin Core developers have been charged with trying to push Bitcoin to accept fee replacement (RBF) transactions by default, according to Synonym CEO John Carvalho. Instead of letting users choose between RBF transactions and surface-level zero confirmation, their plan…
Bitcoin mining is an important part of the bitcoin ecosystem. Miners who participate in mempools help to confirm transactions for which they receive a reward once a transaction is cleared. Usually, the mempool is ‘free’ and transactions go through easily with low fees but there are times when the mempool fills up causing transactions fees to surge.
Data shows large transactions are rising in dominance as whales are moving their coins. This hints at Bitcoin’s increased maturation as a macro asset. Large Transactions Are On The Rise On The Bitcoin Network According to the latest weekly report from Glassnode, large transactions are becoming increasingly dominant on the BTC network, hinting that whales and institutional investors are showing rising interest in the crypto.
Data compiled by @MASTERBTCLTC shows the number of Litecoin transactions is just under 75% of that of the number of Bitcoin transactions. “Litecoin transactions are 75% of the total bitcoin transactions.
It seems every major company is interested in bitcoin at this point. PayPal joined CashApp in embracing crypto transactions back in 2020 and Mastercard recently made the announcement that they would be allowing digital assets transactions using their platform.
One of the rallying cries Bitcoin’s most fervent advocates use to promote the cryptocurrency is “become your own bank.” Indeed, this nascent technology allows you to complete the basic functions of modern banks: receive transactions, store capital, and send transactions (and also verify/process transactions if you want to become a miner). While many libertarians see...
While the adoption of Bitcoin for day-to-day transactions may be moving at a slow pace, the use of the coin among the merchants soared last year, CoinDesk reports. BitPay, the cryptocurrency payment processor, processed an equivalent of about $1 billion worth of crypto transactions last year with Bitcoin transactions dominating the transactions, Bill Zielke, the […]
Bitcoin Press Release: All-in-one cryptocurrency Apollo Blockchain offers full token generation, 100% private transactions, and new DEX exchange. OCT 9, 2019, Vernon, Missouri – Last year the idea of 2-second fully confirmed blockchain transactions, an adaptive forging system with transaction-only block creation seemed like a long way away.
Bitcoiners are using cryptocurrency mixers three times more often than they were nine months ago. Mixed cryptocurrency transactions – or CoinJoins – now account for over 4 percent of all Bitcoin transactions, according to a report from blockchain data firm Long Hash.
According to a recent Reddit post, the number of Bitcoin (BTC) transactions ever made has reached 400 million. The redditor gielbier showed that 400001789 transactions have been made up until block 570761.
Bitcoin [BTC] has seen a massive spike in its network capacity despite the ongoing crypto-winter, leading to a decline in the coin’s price over the past few months. The latest research from Blockchain.
Bitcoin transactions have risen to their highest level in more than a year, suddenly spiking to about 400,000 transactions a day. That’s double the amount of activity it was seeing...
The post Bitcoin Transactions Spike appeared first on Trustnodes.
Despite the prolonged bear market of 2018, the year has seen a steady increase in the number of confirmed Bitcoin transactions. They are currently at their highest point since mid-January 2018. Real Adoption Regardless of the sharp decline in Bitcoin price in 2018, the cryptocurrency has seen a steady increase in the number of transactions throughout the entire year.
BTC has hit a 10-month high in transaction volume. Meanwhile, tx fees are at a multi-year low. These figures indicate that factors such as scaling improvements to the Bitcoin protocol, and the relatively modest price of bitcoin, have made transactions in the cryptocurrency extremely affordable.
On Thursday, Nov. 1, a group of Bitcoin Cash (BCH) proponents who call themselves the Professional Stress Test Team, performed a network stress test on the BCH chain. During the course of the day, the BCH network saw over 733,000 transactions and a 14MB block that cleared 73,000 transactions in one fell swoop.
For those who believe Bitcoin (BTC) transactions are very anonymous, there is a bit of bad news as Camila Russo, a fintech journalist says transactions with the leading cryptocurrency is not as concealed as most people have been led to believe.
Bitcoin Cash has managed to overtake ethereum’s record of 1.4 million transactions a day by mining 2.2 million during a stress test of the network that showed its limits and...
The post Bitcoin Cash Handles the Highest Level of Transactions of Any Public Blockchain appeared first on Trustnodes.
Bitcoin Cash celebrated freedom day in style yesterday when a global community begun making thousands of transactions just because they can. In a rare event, the transaction highway was buzzing. .
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The Sad Truth: Majority of Bitcoin Transactions are Worthless It turns out most of Bitcoin’s transactions don’t really do anything. About two-thirds of transactions made with the cryptocurrency are not for anything specific, meaning the exchanges have nothing to do with trading, buying or selling goods. A large number of actions taken by coin holders […]
Uncertainty continues to grip India’s crypto industry ever since the Rural Bank of India (RBI) imposed a ban on banks and other financial institutions, prohibiting them from dealing with cryptocurrencies.
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“We have nothing to hide,” says Tory Reiss, VP of corporate development at TrustToken. Like the market’s most popular stablecoin, Tether, TrustToken's TrueUSD is fiat-collateralized.
The Japan Virtual Currency Exchange Association (JVCEA) is now recommending the exchanges providing margin trading services to introduce borrowing limits for crypto investors. The self-regulatory organization is proposing the rules to protect traders who could suffer because of lack of borrowing restrictions in margin trading transactions.
In today’s edition of Bitcoin in Brief we cover stories about Skrill launching crypto buying and selling, luxury marketplace The White Company reaching $100 million in transactions, Bitmex setting a trading record, and weak mining-related sales hurting AMD.
News A few days ago news. Bitcoin. com reported on the debate between Bitcoin Cash (BCH) developers and community members concerning an idea called ‘pre-consensus. ’ Some developers believe pre-consensus could help with bock time speeds, zero-confirmation transactions, and consensus in general.
A few days ago news. Bitcoin. com reported on the debate between Bitcoin Cash (BCH) developers and community members concerning an idea called ‘pre-consensus. ’ Some developers believe pre-consensus could help with bock time speeds, zero-confirmation transactions, and consensus in general.
The Bitcoin transaction rate has reached a new five-month high as the top-ranked cryptocurrency continues to enjoy a significant price rally. Some analysts believe the current price rally has some real substance to it given the high trading volume in the market.
Vietnam’s securities watchdog has required local businesses not to engage in transactions with cryptocurrencies. The announcement follows a directive issued by the country’s prime minister earlier this year aimed at tightening what Vietnamese regulators call the management of crypto activities.
The Bitcoin transaction rate has reached a new five-month high as the top-ranked cryptocurrency continues to enjoy a significant price rally. Some analysts believe the current price rally has some real substance to it given the high trading volume in the market.
Individuals across the globe, from Venezuela to Shanghai, have transferred $7.8 billion worth of value during the past 24 hours in 247,000 transactions. The miner fee to move $8 billion...
The post $8 Billion Worth of Bitcoin Moved Yesterday appeared first on Trustnodes.
BitGo, a bitcoin and cryptocurrency security and storage company, today announced support for Zcash (ZEC). BitGo provides a high level of security, compliance and custodial services. It is the world’s largest processor of on-chain bitcoin transactions.
For many, the complex nature of crypto investing is an unsolvable enigma. Despite the potential for great returns, many are hesitant to jump in and navigate the complexities and uncertainties inherent in this space.
Gaining momentum in its recent price rally, Bitcoin is increasing institutional investor interest. During the last week of July 2018, Wall Street traders completed their first-ever Bitcoin futures swap for physical BTC.
The Bitcoin price soared to a new all-time high of $89,940 on Binance on Tuesday, fueled by market excitement over Donald Trump’s victory in the US presidential election. The surge comes as Trump has promised to establish a national Bitcoin reserve and has even considered using Bitcoin to pay down the US national debt. Bitcoin […]
In a compelling forecast for Bitcoin, Ali Martinez, a well-known cryptocurrency expert and trader, has pointed out a possible development that could propel the crypto asset’s price to the $86,000 threshold in the foreseeable future.
Willy Woo says his Bitcoin prediction is based on the similarity of the growth of the network to the growth of the Internet in the 1990s.
The post Bitcoin Will Hit 1 Billion Active Users In Next 3 Years, Predicts Willy Woo appeared first on BeInCrypto.
Despite the anticipation of a crypto market ‘Uptober,’ Bitcoin was still stuck under the $20,000 level as social volumes continued to dwindle.
The post Forget ‘Uptober,’ Crypto Market Remains at Risk of Further Losses appeared first on BeInCrypto.
The prolonged bear market is putting even the most ardent holders to the test. Many are supported by regular doses of hopium that comes from on-chain analysis. However, it appears that perhaps Bitcoin has not bottomed yet.
These five moments shaped Bitcoin On-Chain analysis. Down below you’ll find a basic 101 article that reviews the basic concepts of the trade. If you have any problem with the list, David Puell is to blame.
Bitcoin on-chain analysis can be a good way to try to guess where the market is headed. The market tends to repeat itself with metrics looking the same before a bull or a bear rally, thus making this data a pretty good indicator of what’s to come.
