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Newsletter Vol 8

Highlights

Tracing the $1B BTC transaction

On September 5th, we saw a transaction transferring 94.5K worth of BTC, which at the time was worth over a $1 billion. We took a look into the origin of the funds on the blockchain and saw that over one third of the bitcoin came from addresses that were part of the Huobi exchange cluster. More color provided via Vice, the Independent, Coindesk, Cryptonews, and more.  
View the full thread here

Dare to DeFi

In the spirit of DeFi summit in London this week, we took a look at the on-chain data around participants in the burgeoning DeFi ecosystem.
Above is a look at the number of unique addresses that have interacted with popular DeFi apps during the course of 2019. Three points that stick out:
  • The sheer enormity of Compound relative to other applications
  • The not-so-surprising amount of overlap between Compound, Uniswap, and Synthetix users
  • The relatively small scale of this entire ecosystem when compared to the rest of the crypto universe. 

Feel free to DM us @thetokenanalyst on Twitter or email us at info@tokenanalyst.io if you would like to see other in-depth DeFi metrics. 

Weekly Exchange Stats

  • Analyzing transactions to and from exchanges can give a good indication of the supply and demand of a crypto asset.
  • An increase in outflow of a crypto asset from exchanges corresponds to decreased supply.
  • An increase in inflow of stablecoins to exchanges corresponds to increased demand.

Bitcoin

  • This week experienced significant swings in BTC prices ranging between 10k and 11k
  • During the early week spike, we saw a corresponding increase in netflows.
  • As we've seen before however, increased inflows typically tend to lead to price dips immediately after, as we saw this week. 
  • Finally as outflows increased on the 11th, we saw price pick back up - a trend we've seen several times before.

Ethereum

  • ETH appears to have not been impacted this week as much by netflows, seeing as the price varied without any material relationship to flows.
  • One possible cause of this is the cumulative effect of funds already stored on exchanges (via other tokens) from prior inflows impacting the price with orders made this week.

Stablecoins

  • This week mirrors a trend we've seen several times in the past with generally increased stablecoin outflows at the beginning and end of the week correlating with spikes in BTC prices.

Overview

  • Both BTC and ETH average transaction values increased by double digit percentages this week indicating larger players operating in the market.
  • As Tether performed a significant chain swap this week from Omni to ERC20, we expectedly see an increase in USDT Omni inflows and a corresponding increase USDT ERC20 outflows.
Check out more exchange stats!
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