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Newsletter Vol 15

Highlights

TokenAnalyst Webinar on-demand

If you missed out on our first webinar, don't worry, the webinar is now available on-demand. Here are some of the topics we've covered:
  • How to use on-chain data effectively
  • Key on-chain patterns and trends to look for
  • Short term vs Long term metrics
  • Simple ways to integrate on-chain data into your workflow
Watch the webinar now

TokenAnalyst Updates

Spent Outputs Profit Ratio (SOPR) metric added to our API

 
  • Today we are launching our Spent Outputs Profit Ratio (SOPR) metric, as created by Renato Shirakashi. In essence, it shows whether bitcoin outputs (UTXOs) were spent at a profit or a loss by dividing their value when they are spent, by their value when they were created. If that ratio is above one, it means that a UTXO was spent when it was worth more than when it was created.
  • We are launching SOPR aggregated by day and by the hour. The daily SOPR is calculated by summing the USD value of UTXOs spent that day using the current daily average price, and dividing it by the sum of the USD values from the daily average price on the day each UTXO was created.
  • This is a great metric, but there is a lot of intra-day variability in Bitcoin price as anyone who has likely read this far will know. The below chart highlights SOPR by the hour, which applies the exact same concept, but calculating SOPR for the UTXOs spent each hour, using the hourly average price at the time of spending and creation.
  • Using hourly spending windows and prices we are able to see much larger fluctuations in SOPR on shorter time-scales. We look forward to seeing what the community can do with this metric.
Access SOPR via our API

Xi Effect?

Using TokenAnalyst Enterprise, we visualize the on-chain transactions during the 40% price spike.

Follow the twitter thread here.
Key Facts:
  • During Chinese waking hours, there were 169K transactions, worth 475k BTC.
  • Outside of Chinese waking hours, there were 175K transactions, worth a massive 962K BTC!
  • The largest transactions, seen after 18:00 on the 25th, were intra-exchange movements.

Community Content

Thoughtful insights generated by our community using TokenAnalyst data
Using TokenAnalyst data, @eliasimos highlights an interesting trend between stablecoin and BTC net flows.

If you are doing an analysis that you would like to see featured here, tag @thetokenanalyst or send it to info@tokenanalyst.io.

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

  • Between Oct 25 till Oct 26, BTC price increased by ~22%, while inflows and outflows increased by ~42% and ~25% respectively.
  • Historically weekends are period of slightly lower activity when it comes to exchange flows. This weekend, on Saturday Oct 26, where BTC price was hit its first peak, there was an unusual spike in flows into and out of exchanges. 

Ethereum

  • Between Oct 25 till Oct 26, ETH price increased by ~11%, while inflows and outflows increased by ~15% and ~45% respectively.
  • On Oct 28, Bittrex moved at least $127M worth of ETH between their wallets, see the announcement on their twitter page.

Overview

  • Overall positive change in native tokens, with an increase in the inflow amounts of ~54% versus last week.
  • Similarly, stablecoins have seen an increase in the inflow amounts of ~ +198% versus last week.
Check out more exchange stats!

Weekly Network Stats

  • Analyzing general network data of a crypto-asset allows us to evaluate the current sentiment towards a particular token.
Native Tokens
Stablecoins
ERC20 Tokens
Key Facts
  • Overall, a positive change in Native Tokens, Stablecoins, and the majority of ERC20 tokens, as the price of BTC increased from Oct 25 causing increased trading activity. 
  • SNT has a large weekly increase of 1207%. Likely caused by a single transaction on Oct 28. 
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