Life of Bitcoin Blockchain in 2019
Two years ago, my team designed and created a powerful bitcoin blockchain parser that gives us new insight into the inner world of the #1 cryptocurrency.
This time we decided to perform a blockchain activity analysis of the bitcoin for the whole year of 2019.
We took 54.232 blocks (from 556459 to 610690) mined in 2019 and analyzed every single of 119.782.154 transactions containing 533.413.069 bitcoin addresses. Finally, we summed up all incoming and outgoing bitcoins for every unique address ever mentioned in the chain during the year 2019.
Now I would like to share some of our findings.
Year 2019 in figures
What does it mean?
The TOTAL is the total turnover of the bitcoin during the analyzed period. Received is the total amount of bitcoin being received by a given number of unique wallets. The difference is the total number of bitcoins mined during this period (miners currently receive 12.5 bitcoins for every block found) plus fees.
TRANSIT is the total amount passed through transit wallets - these are wallets that received some bitcoins (in one or many transactions) and later sent all of them somewhere else (in one or few transactions). We recommend subtracting this amount from the total turnover since it doesn’t affect the final balances of holders and donors.
HOLDERS and DONORS are wallets that made transactions only one way. Holders (Investors or Buyers) collected sums of bitcoins in multiple transactions and never sent out anything. And there are those who only sent their bitcoins out and never received anything – Donors (Sellers). The positive difference gives us an idea that investors collected money during this period and the negative difference means there was a big sale.
And finally, TRADERS and EXCHANGES are wallets that sent money in and out (making at least one incoming and one outgoing transaction), these are normal traders, exchanges, and active individuals. In a healthy blockchain, they should make up the biggest portion of the total turnover.
And what do we see?
First of all, we can see that the total turnover of blockchain in 2019 totals 516mln of bitcoin, where 42% are transits that don’t have any impact on the final balances of bitcoin owners.
We can also see that the difference between Holders and Donors is positive and equals 2.27mln, meaning that bag-holders received and hold an impressive number of bitcoins during 2019. This amount is exactly the total sum of bitcoins mined, plus the amounts of losses incurred by Traders (bitcoins transferred out from exchanges and active traders).
For those who missed it in a previous paragraph: some investors placed 2,276,257 bitcoins in their wallets (addresses) that haven’t made any outgoing transaction during the whole year. Why would they do so? I keep this question open and hope to hear your thoughts.
Bonus Tables
Top Gainers
Top Losers
Top Receivers
Top Transaction count
If you like my research, please don't hesitate to leave a comment =)
???? Creating Trading Robots and Blockchain Monitoring Systems
4 年?? Catalog of my posts on various recent events happening in blockchain of bitcoin: https://www.dhirubhai.net/pulse/blockchain-bitcoin-kirill-kretov/
Central Strategic Analytics Manager at Hyperoptic Ltd.
5 年In my opinion, based on the trends I have observed for years, and answering your final question - why are investors keeping a very large amount of coins in their wallets without outgoing transactions? Well, we can probably call these people using the now-days established term "whales". In my, probably uneducated, guess - these people are the ones dictating the prices of Bitcoin. If they want it to go up in price, it will, if they want it to go down (so they can short it) - it will. The endless cycle of pump and dump continues. Only a minority who is in control is earning money, everyone else is at a loss.