Huobi Blockchain Big Data Weekly Insights Vol. 1 9 · increased by 0.8% from last week. 3） There were significant changes in balance—both net-outflows—to Bitfinex’s Bitcoin

Huobi Blockchain Big Data Weekly

Insights Vol. 19

2018/10/10-2018/10/17

Abstract

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

source “Huobi Blockchain Big Data” for reference.

New Data Included: EOS DApp Activity, TRON Telegram Activity

This Week:

1） Total Bitcoin transaction volume increased by 31.8% from last week; there were

overall 1.67 million transactions, increased by 1.4% from last week, the largest single-

week increase in 6 months.

2） Total Ethereum transaction volume increased by 52.7%; number of transactions

increased by 0.8% from last week.

3） There were significant changes in balance—both net-outflows—to Bitfinex’s Bitcoin

and Ethereum cold wallets, totaling -26000 BTC and -21800 ETH.

4） Number of EOS transactions increased by 66.3% this week; gambling games were the

most popular among all dApp categories, accounting for 87.7% of total transaction

volume and 90.7% of total number of EOS transactions this week.

5） TRON English was the most active official cryptocurrency Telegram group this week,

eyeing a 265% increase in its activity in two weeks.

Social Media Data：

BTC, USDT, Ethereum to be the top trending in China, while BTC, USDT, VeChain were

the top Cryptocurrencies overseas; In the Events category, “Risk”, “America” and “Mining

machine” were the hottest words in China, while “Scam” ,“FIAT” and “Bot” were the

hottest words overseas; in the Exchange and KOL category, “Huobi”, “Binance” and “ZB”

were the hottest in China, while “Coinbase”, “Binance”, and “Bifinex” were the hottest

overseas.

Among Github repositories, BTC, ETH and EOS were the top Cryptocurrencies projects

that received the most stars in a week; BTC, ETH and DASH were the projects that received

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

mailto:[email protected]

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the most watchers in a week; ETH, ADA and IOTA were the projects with the most code

commit submission this week.

Market Trading Data：

In the cryptocurrency market this week, the price of Cryptocurrencies raised up less and

down more. Tezos receiving the largest increase of 2.8% and IOTA receiving the largest

decrease of 12.27% in their respective prices. In terms of trading volume, Tezos had the

largest increase of 91%, Monero had the largest decrease of 87%; Top 10 Cryptocurrencies

had high correlations in their price movements this week.

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TABLE OF CONTENTS

FULL REPORT ..........................................................4

1. ON-BLOCKCHAIN DATA ..................................4

1.1 ACTIVE BITCOIN ADDRESSES ............................................................................... 4 1.2 BITCOIN TRANSACTIONS ........................................................................................ 5 1.3 BITCOIN TPS ............................................................................................................ 5 1.4 BITCOIN TRANSACTION FEE .................................................................................. 6 1.5 CONCENTRATION OF WEALTH ON BITCOIN ........................................................ 6 1.6 BTC LARGE TRANSACTIONS MONITOR ............................................................. 7 1.7 BITCOIN TRANSACTION VOLUME DISTRIBUTION ............................................. 8 1.8 CHANGE IN BALANCE OF TOP 30 BITCOIN ADDRESSES .................................. 8 1.9 ACTIVE ETHEREUM ADDRESSES .......................................................................... 9 1.10 ETHEREUM TRANSACTIONS ............................................................................. 10 1.11 ETHEREUM TPS .................................................................................................. 10 1.12 ETHEREUM TRANSACTION FEE ....................................................................... 11 1.13 CONCENTRATION OF WEALTH ON ETHEREUM ............................................. 11 1.14 ETH LARGE TRANSACTIONS MONITOR ........................................................ 12 1.15 CHANGE IN BALANCE OF TOP 30 ETHEREUM ADDRESSES. ...................... 13 1.16 EOS TRANSACTIONS ......................................................................................... 14 1.17 EOS RAM UTILIZATION AND VOTING PERCENTAGE ................................. 15 1.18 EOS DAPP ACTIVITY ........................................................................................ 15

2. SOCIAL MEDIA DATA ..................................... 16

2.1 KEYWORD ANALYSIS (CHINA) .......................................................................... 16 2.2 KEYWORD ANALYSIS (OVERSEAS) ....................................................... 18 2.3 GITHUB CODE ACTIVITY ..................................................................................... 19 2.4 OVERALL TELEGRAM ACTIVITY ....................................................................... 20 2.5 POPULAR CRYPTOCURRENCY TELEGRAM ACTIVITY .................................... 21

3.MARKET DATA .................................................. 21

3.1 RATE OF RETURN/ TRADING VOLUME .............................................................. 21 3.2 CRYPTOCURRENCY PRICE CORRELATIONS ...................................................... 22


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Full Report

1. On-Blockchain Data

1.1 Active Bitcoin Addresses

This week, the number of active Bitcoin addresses increased by 0.2% to

3.57 million, reaching a two-month high.

Figure1：Active Bitcoin Addresses（in millions）

Data Source: Huobi Research, Blockchain Node File

There were 1.32 million new Bitcoin addresses created this week,

incresed by 2.5% from last week’s 1.28 million.

Figure2：New Bitcoin Addresses (in millions)

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1.2 Bitcoin Transactions

The overall transaction volume on Bitcoin network was 6.68 million

BTC, increased by 31.8% from last week’s 5.07 million. There were

overall 1.67 million transactions this week, increased by 1.4% compared to

last week. The average trading volume per transaction increased by 29.9% to

4 BTC this week.

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

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

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

1.3 Bitcoin TPS

The average bitcoin transaction per second (TPS) was 2.76, increased by

0.03 TPS from last week.


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Figure4：Bitcoin TPS


1.4 Bitcoin Transaction Fee

The overall transaction fee on Bitcoin network decreased from 125.5 BTC to

120.6 BTC this week. Average transaction fee was 0.00007 BTC,

decreased by 5.2% from last week.

Figure5: Bitcoin Transaction Fee (BTC)


1.5 Concentration of Wealth on Bitcoin

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Concentration of wealth on bitcoin slightly decreased. Top 10 addresses

held 5.66% of all Bitcoins, 0.15% less than last week; top 10-100

addresses held 0.04% more Bitcoins than that of last week; top 100-

1000 held 0.03% more Bitcoins than that of last week; other addresses

held 0.07% more Bitcoins than that of last week.

Figure6：Concentration of Wealth on Bitcoin


1.6 BTC Large Transactions Monitor

Huobi Research defines “extra-large transactions” as individual transactions worth over 10,000 BTC, and “large transactions” as those worth between 1,000-10,000 BTC. This week, there were 4 extra-large transactions on Bitcoin network. The number of large transactions drastically increased from 284 to 543 this week.


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Figure7: Large and Extra-Large Transactions on BTC Network


1.7 Bitcoin Transaction Volume Distribution

Transaction volume increased for all categories, in which 1k-10k BTC

transactions received the largest increase from 13.4% to 19.6%

Figure8.1：Transaction Breakdown by Volume (in thousand

BTC) Figure8.2: Weekly BTC Transaction Distribution


1.8 Change in Balance of Top 30 Bitcoin Addresses

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This week, there were 6 out of all top 30 bitcoin addresses that had

significant change in balance. Bitfinex’s cold wallet has the largest change

in balance—a net-outflow of 25993 BTC.

Figure9 Change in Balance of Top 30 Bitcoin Address


1.9 Active Ethereum Addresses

The number of active addresses in Ethereum has decreased by 5.7%

from 1.18 million to 1.12 million.

Figure10: Number of Active Ethereum Addresses (in millions)


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1.10 Ethereum Transactions

The overall transaction volume on Ethereum has increased by 52.7% to

15 million ETH. There were overall 3.9 million transactions this week,

increased by 0.8% compared to last week; average transaction volume

increased 51.4% from last week to 3.84 ETH.

Figure11.1：Overall Trading Volume on ETH (in million

ETH) Figure11.2: Number of Transactions on ETH (in million)


1.11 Ethereum TPS

The average transaction per second (TPS) on Ethereum network this week increased by 0.1 to 6.5 tps this week.

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Figure12：Ethereum TPS


1.12 Ethereum Transaction Fee

The overall transaction fee on Ethereum network has increased from 8.5k

to 10.4k ETH this week, while the average transaction fee on Ethereum

network was 0.0027 ETH, increased by 21.8% this week.

Figure13：Ethereum Transaction Fee


1.13 Concentration of Wealth on Ethereum


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The concentration of wealth on Ethereum network has decreased

compared to last week: top 10 accounts held 12.55% of all ETH, decreased

by 0.1% from last week; top 10-100 addresses held 25.15% of all ETH,

decreased by 0.14% compared to last week; top 100-1000 addresses held

25.31% of all ETH, increased by 0.05% compared to last week; the rest

addresses held 36.9% of all ETH, increased by 0.19% from last week.

Figure14: Concentration of Wealth on ETH


1.14 ETH Large Transactions Monitor

Huobi Research defines “extra-large transactions” as individual transactions

worth over 50,00 ETH, “large transactions” as those worth between 10,000-

50,000 ETH, “other transactions” as those worth less than 10,000 ETH. This

week, there were 8 extra-large transactions and 63 large transactions.

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Figure15：Large and Extra-large Transactions on ETH Network


1.15 Change in Balance of Top 30 Ethereum Addresses.

There were 5 out of top 30 Ethereum addresses with significant change in

their respective balances. Bitfinex’s cold wallet address saw the largest

change in its balance—totaling a net outflow of 218k ETH.


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Figure16: Change in Balance of Top 30 Ethereum Address


1.16 EOS Transactions

There were 14.92 million transactions on EOS this week (including transfer,

RAM collateral/purchase, CPU collateralization), increased by 66.3% from

last week.

Figure17: EOS Transactions (in millions)


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1.17 EOS RAM Utilization and Voting Percentage

RAM utilization on EOS was 57.94% this week (58.97% last week); among

all 398k EOS addresses, 38.96% has voted for blockproducers, decreased by

0.56% compared to last week.

Figure18: EOS Voting Percentage and RAM Utilization


1.18 EOS DApp Activity

Based on transaction volume, BetDice, EOSBet, Newdex, FarmEOS, and

EOS Play Lottery were the 5 most popular EOS dApps this week.

Based on the information above, Huobi Research analyzed total number of

transactions and total transaction volume of all 88 currently active EOS

dApps. Currently, gambling dApps accounted for 87.7% of total EOS

transaction volume and 90.7% of total number of transactions, the most

popular among all dApp categories.


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Figure 19: EOS DApp Activity

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

Source: DAPPRADAR, Huobi Research

2. Social Media Data

2.1 Keyword Analysis (China)

Huobi Research analyzed text using NLP Word Cloud to extract relevant

keywords and understand the overall sentiments from China’s largest

Cryptocurrency online community 8btc.com. Specifically, we break down

the keywords to three categories: Cryptocurrencies, Events, and

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Exchanges/Opinion Leaders.

In the Cryptocurrency category, NLP World Cloud Analysis suggests

Bitcoin, USDT, and Ethereum as the top Cryptocurrencies receiving the

most widespread attention, for Bitcoin and Ethereum, discussions mainly

focused on price and trading strategies. USDT, with the discussion mainly

focused on investors' concerns about USDT transparency, heavy selling led

to a drop in the currency's value, and investors' expectations for other stable

cryptocurrencies.

In the events category, NLP Word Cloud suggests “Risk”, “America” and

“Mining machine” as the hottest words of the week. “Risk” refers to: the

concern of investors about the risk of asset deflation caused by USDT crash;

“America” refers to the discussion on the warnings about false claims on

cryptocurrency investment issued by two major U.S. regulators. “Mining

machine” refers to the discussion on mining machine custody and mining

cost.

In the Exchanges/Opinion Leaders category, NLP Word Cloud suggests

“Huobi”, “Binance”, and “ZB” as the hottest words of the week, with

discussions mainly focused on daily exchange issues including log-in issue,

transaction, the rate and so on.

Figure20: 8btc.com Word Analysis

Source: Huobi Research

We witness a drastic change in the trending topics this week, within all

topics of these three categories, focus on “Monroe”, “Meteoric fall”,

“financial crisis”, “computing power” and “USDT” receiving the largest

increase, while focus on “IOTA”, “blow up”, “Loopring”, “HPT” and


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“Graphene” receiving the largest decrease.

Figure21.1: Top Trending Topics Figure21.2: Least Trending Topics

Source: Huobi Research Source: Huobi Research

2.2 KEYWORD ANALYSIS (OVERSEAS)

We also performed NLP Word Analysis on Reddit’s r/CryptoCurrency

Subreddit to understand the trending topics and overall sentiments overseas,

and we similarly broke down the keywords into three categories:

Cryptocurrencies, Events, and Exchanges/Opinion Leaders.

In the Cryptocurrencies category, NLP Word Analysis suggests Bitcoin,

DSDT, and Vechain as the three cryptocurrencies that received the most

widespread attention this week. For Bitcoin, discussions on mainly focused

on price and trading strategies. Discussions on USDT focused on investors'

concerns about the risk of asset deflation caused by the USDT crash;

Vechain is controversial on Reddit. On the one hand, there is a discussion on

technical topics such as "introduction to the technical stack of Vechain"; on

the other hand, there is also a discussion on whether Vechain is a bigger

scam than Bitcoin.

In the Events category, NLP Word Analysis suggests “Scam”, “FLAT”, and

“BOT robot” as the hottest words of the week. “Scam” refers to the

discussion on whether the most of cryptocurrencies are scams today;

“FLAT” refers to the discussion on Bitfinex suspended the withdraws and

top-up of legal tender; “BOT robot” refers to the discussion on the strategies

of using robots for quantitative trading.

In the Exchanges/Opinion Leaders category, NLP World Analysis suggests

“Coinbase”, “Binance”, and “Bitmex” as the hottest words of overseas this

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week, with the normal discussion on general topics among platform users,

for Bitfinex, the discussion mainly focused on USDT and the suspension of

legal tender’ top-up and withdraws.

Figure22: r/Cryptocurrency Word Analysis


We witness a drastic change in the trending topics this week, with focus on

“USDT”, “Bitfinex”, “Electricity”, “Stellar” and “Inflation” receiving the

largest increase, while focus on “ETF”, “POW”, “DASH”, “Ox” and

“REC20” receiving the largest decrease.

Figure23.1: Top Trending Topics Figure23.2: Least Trending Topics

Source: Huobi Research Source: Huobi Research

2.3 Github Code Activity

Among all GitHub repositories this week, BTC, ETH and EOS were the projects with the most forks; ETH, ADA, and IOTA were the projects with most code commit submissions; XMR, BTC and IOTA were the projects with the most issue; ETH, BTC and EOS were the projects with most stars;

84%

113%

141%

198%

210%

inflation

Stellar

electricity

Bitfinex

USDT

-91%

-88%

-75%

-69%

-60%

ETF

POW

dash

0x

erc20


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BTC, ETH and DASH were the projects with most watchers Figure 24: GitHub Activity

Source:Github, Huobi Research

2.4 Overall Telegram Activity

We measured the vitality of telegram community by the chat volume among the relatively active community telegram groups:

The top three activist telegram groups this week were: 1) TRON English group, 2) EOS China (Chinese group), 3) Vechain English group.

Figure 25: Telegram Activity


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2.5 Popular Cryptocurrency Telegram Activity

We measured the vitality of EOS community by the chat volume among the selected EOS community telegram groups: EOS General Chat (English technology/ ecology group), EOS China (Chinese group); and measured the vitality of TRON community by the chat volume of TRONnetworkEN.

The number of chats in EOS community telegram groups decreased slightly, by 500, decreased for three consecutive weeks, the number of TRON telegram groups increased by 1,400, increased 23%. The increase is as high as 265% for two consecutive weeks.

Figure 26: EOS Telegram Activity (in thousands)

Source: Telegram, Huobi Research Figure 27: TRON Telegram Activity (in thousands)

Source: Telegram

3.Market Data

3.1 Rate of Return/ Trading volume


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In the cryptocurrency market this week, the price of Cryptocurrencies

raised up less and down more. Tezos experienced the largest increase of

2.87%, and IOTA experienced the largest decrease of 12.27%; In terms of

trading volume, Tezos has the largest increase of 91%, while Monero has the

largest decrease of 87%.

Figure 27: Rate of Return vs. Price Volatility

Data Source: Coinmarketcap, Huobi Research

3.2 Cryptocurrency Price Correlations

Correlation amongst assets is the degree to which they move in tandem.

The matrices above show Pearson correlations and p-values that are

computed from log-returns of volume-weighted average daily prices over

the past week. The Cryptocurrency price correlations is relatively low

this week, Cryptocurrencies price move in the different directions.

IOTA and BCH had the highest correlation coefficients of 0.99, then ETC

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and NEO, with the correlation coefficients of 0.99; IOTA and TRON had

the lower correlation coefficient of 0.67, IOTA and Ripple had the

correlation coefficient of 0.68.

Figure 28: Pearson Correlations Matrix



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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.

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Documents

Huobi Blockchain Big Data Weekly Insights Vol. 1 9 · increased by 0.8% from last week. 3） There were significant changes in balance—both net-outflows—to Bitfinex’s Bitcoin