Huobi Blockchain Big Data Weekly Insights Vol. 21...1）The number of active Bitcoin address has kept increasing for 6 weeks, and reaches 3.69 million this week, which shows an increase

Huobi Blockchain Big Data Weekly Insights

Vol. 212018/10/24-2018/10/31

Abstract

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

“Huobi Blockchain Big Data” for reference.

This Week:

1） The number of active Bitcoin address has kept increasing for 6 weeks, and reaches 3.69million this week, which shows an increase of 1.8 from last week. Meanwhile, thetransaction amount of Bitcoin rises by 3%, reaching the largest amount for recent 6 months.

2） The number of transactions on EOS Chain reaches 21.84 million, which shows an increaseof 10.4% from last week. This upgoing trend has been kept for 6 weeks.

3） Currently, DAPPs with features other than gamblings show an obvious increase with regard to popularity on EOS Chain. Exchange DAPPs like Newdex and Game DAPPs like EOSKnights have become increasingly active this week.

4） There are a number of code updates of IOTA project in Github this week, which contains1718 lines of updates and 53 submissions.

Social Media Data：

In the Cryptocurrencies category, BTC, Ethereum, EOS to be the top trending in China, while BTC,

Ethereum, Monero were the top Cryptocurrencies overseas; In the Events category, “Risk”,

“Contract” and “Rebound” were the hottest words in China, while “Scam” ,“Flat” and “Robot” 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, ETH, BTC and EOS were the top Cryptocurrencies projects that received the

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

week; IOTA, TRX and ADA were the projects with the most code commit submission this week.

Market Trading Data：

In the cryptocurrency market this week, the price of Cryptocurrencies decreased. The trading volume

increased dramatically. NEO experienced the largest decreased of 6.84%, in terms of trading volume,

EOS has the largest increase of 103%.

Author

Yuming Hubery Yuan Hai Du Junjing Shi

[email protected]

mailto:[email protected]

Huobi Big Data Weekly Insights

2

TABLE OF CONTENTS

FULL REPORT ..........................................................3

1. ON-BLOCKCHAIN DATA ..................................3

1.1 ACTIVE BITCOIN ADDRESSES ............................................................................... 3 1.2 BITCOIN TRANSACTIONS ........................................................................................ 4 1.3 BITCOIN TRANSACTION FEE .................................................................................. 4 1.4 CONCENTRATION OF WEALTH ON BITCOIN ........................................................ 5 1.5 BTC LARGE TRANSACTIONS MONITOR ............................................................. 6 1.6 BITCOIN TRANSACTION VOLUME DISTRIBUTION ............................................. 7 1.7 ACTIVE ETHEREUM ADDRESSES .......................................................................... 7 1.8 ETHEREUM TRANSACTIONS................................................................................... 8 1.9 ETHEREUM TPS ....................................................................................................... 9 1.10 ETHEREUM TRANSACTION FEE .......................................................................... 9 1.11 CONCENTRATION OF WEALTH ON ETHEREUM ............................................. 10 1.12 ETH LARGE TRANSACTIONS MONITOR ........................................................ 10 1.13 EOS TRANSACTIONS ......................................................................................... 11 1.14 EOS RAM UTILIZATION AND VOTING PERCENTAGE ................................. 12 1.15 EOS DAPP ACTIVITY ........................................................................................ 12 1.16 ETH DAPP ACTIVITY ........................................................................................ 14

2. SOCIAL MEDIA DATA ..................................... 15

2.1 KEYWORD ANALYSIS (CHINA) .......................................................................... 15 2.2 KEYWORD ANALYSIS (OVERSEAS) ................................................................... 16 2.3 GITHUB CODE ACTIVITY ..................................................................................... 18 2.4 OVERALL TELEGRAM ACTIVITY ....................................................................... 18 2.5 POPULAR CRYPTOCURRENCY TELEGRAM ACTIVITY .................................... 19

3.MARKET DATA .................................................. 20

3.1 RATE OF RETURN/ TRADING VOLUME .............................................................. 20 3.2 CRYPTOCURRENCY PRICE CORRELATIONS ...................................................... 21

Huobi Research

3

Full Report

1. On-Blockchain Data

1.1 Active Bitcoin Addresses

The amount of active Bitcoin addresses this week rises by 1.8% from last

week, total to 3.69 million, which sticks to the ongoing trends for the last six

weeks, and reaches the highest amount per week for recent two months.

Figure1：Active Bitcoin Addresses（in millions）

Data Source: Huobi Research, Blockchain Node File

There were 1.35 million new Bitcoin addresses created this week,

increased by1.3% from last week’s 1.37 million.

Figure2：New Bitcoin Addresses (in millions)


4


1.2 Bitcoin Transactions

The transaction volume for Bitcoin Blockchain this week is 5.602 million

BTC, which shows a decrease by 5.82% from 5.949 million last week. The

amount of transactions is 1.768 million, a 3% increase from last week, which

reaches the highest for recent six months. The average amount of BTC traded

per transaction shows a decline of 8.6% from last week, which now equals to

3.17 BTC.

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 Transaction Fee

Compared with last week, the total amount of transaction fee increases this

week, from 114.6 BTC last week to 120.4 BTC this week, which indicates

that the transaction fee for each transaction is 0.00007 BTC, a 5% increase

Huobi Research

5

from last week.

Figure4: Bitcoin Transaction Fee (BTC)


1.4 Concentration of Wealth on Bitcoin

The concentration of Bitcoin address doesn’t change much this week

compared with that of last week. The ratio of Bitcoin holding for the Top10

addresses holds the same, which equals to 5.74%; this ratio for the addresses

from Top10 to Top100 shows a decline of 0.016% from that of last week; this

ratio indicates a decrease of 0.014% from that of last week for the addresses

from Top100 to Top1000; while for the rest of the addresses, it shows an

increase of 0.03%, enabling the ratio to reach 64.09%.

Figure5：Concentration of Wealth on Bitcoin


6


1.5 BTC Large Transactions Monitor

According to the transfer amount of Bitcoin transactions, Huobi Research has

established a classification standard. For the transactions whose transfer

amount is larger than 10 thousand, they are classified as super large transfers,

while those between 1 thousand and 10 thousand BTC are classified as large

transfers, with those under 1 thousand classified as others. By this

classification, we can see during this week, there were 5 super large transfers,

while the amount of large transfers declined from 348 last week to 262.

Huobi Research

7

Figure6: Large and Extra-Large Transactions on BTC Network


1.6 Bitcoin Transaction Volume Distribution

Except for super large transactions, the volume for any other transaction has

seen a fall this week. The one with the most significant decrease is the volume

for large transactions, which shows a decline from 11% to 8.4% as a

proportion of the whole volume.

Figure7.1：Transaction Breakdown by Volume (in thousand

BTC) Figure7.2: Weekly BTC Transaction Distribution


1.7 Active Ethereum Addresses


8

The amount of active Ethereum address rises by 2.6%, from 1.166 million last

week to 1.196 million this week.

Figure8: Number of Active Ethereum Addresses (in millions)


1.8 Ethereum Transactions

The transaction volume for Ethereum Blockchain this week is 11.35 million

ETH, which shows a decrease by 8.3% from last week. The amount of total

transactions is 3.906 million, a 0.8% increase from last week. The average

amount of ETH traded per transaction shows a decline of 9% from last week,

which now equals to 2.91 ETH.

Figure9.1：Total ETH Transaction Volume (in million ETH) Figure9.2: Number of Transactions on ETH (in million))


Huobi Research

9

1.9 Ethereum TPS

The average transaction volume per second this week is 6.5, which shows an

increase of 0.1 transaction/second from last week.

Figure10：Ethereum TPS


1.10 Ethereum Transaction Fee

Compared with last week, the total amount of transaction fee increases this

week, from 10.1 thousand ETH last week to 10.4 thousand ETH this week,

which indicates that the transaction fee for each transaction is 0.0027 ETH,

an 1.9% increase from last week.

Figure11：Ethereum Transaction Fee


10


1.11 Concentration of Wealth on Ethereum

The concentration of Ethereum address shows a decline from last week. The

ratio of Ethereum holding for the Top10 addresses equals to 12.07%, which

shows a decline of 0.02%; this ratio for the addresses from Top10 to Top100

shows a decline of 0.12% from last week, which now equals to 24.55%; this

ratio also indicates a decrease of 0.03% from last week for the addresses from

Top100 to Top1000, which now is 25.21%; while for the rest of the addresses,

it shows an increase of 0.13%, enabling the ratio to reach 38.17% from

38.04%.

Figure12: Concentration of Wealth on ETH


1.12 ETH Large Transactions Monitor

According to the transfer amount of Ethereum transactions, Huobi Research

has established a classification standard. For the transactions whose transfer

Huobi Research

11

amount is larger than 50 thousand ETH, they are classified as super large

transfers, while those between 10 thousand and 50 thousand are classified as

large transfers, with those under 10 thousand classified as others. By this

classification, we can see during this week, there were 3 super large transfers,

while the amount of large transfers slightly increased from 57 last week to 59.

Figure13：Large and Extra-large Transactions on ETH Network


1.13 EOS Transactions

The total amount of transactions on EOS Chain equals to 21.84 million,

including transfers, RAM pledge/purchase, CPU pledge and so on, which

shows a 10.4% increase from last week and continues the upgoing trends for

the last six weeks.


12

Figure14: EOS Transactions (in millions)


1.14 EOS RAM Utilization and Voting Percentage

Currently, the proportion of allocated RAM on EOS is 56.38%, with a 0.66%

decline from last week. The total amount of accounts equals to 424 thousand,

which shows an increase from 399 thousands of last week. Among these

accounts, the ones which have participated in the voting process covers a

proportion of 39.53%, which shows a slight difference from 39.52% of last

week.

Figure15: EOS Voting Percentage and RAM Utilization


1.15 EOS DApp Activity

Huobi Research

13

Currently, the Top5 most active DAPP projects on EOS Chain with regard to

the transaction volume of accounts this week is BetDice, Endless Dice, EOS

Poker, EOSBet and EOS Knights respectively.

Based on this, Huobi Research has calculated EOS transaction volumes and

transfer amounts of the currently active 123 DAPP projects on EOS. Among

these active DAPPs on EOS, gambling DAPPs hold 82% of the total EOS

transaction volume (while last week this figure reached 93%) and 90.1% of

the total amount of transactions (which equaled to 91.3% last week), thus

occupying the largest proportion of all DAPPs.

It is worth mentioning that except for gambling DAPPs, DAPPs with other

features have become increasingly popular recently. For example, Exchange

DAPPs like Newdax and Game DAPPs like EOS Knights show an obvious

increase this week with regard to their activities.

Figure 16: EOS DApp Activity

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


14

Source: DAPPRADAR, Huobi Research

1.16 ETH DApp Activity

Currently, the Top5 most active DAPP projects on ETH with regard to the

transaction volume of accounts this week is IDEX, Dice2win, CryptoKitties,

ForkDelta and Ethroll respectively.

Based on this, Huobi Research has calculated ETH transaction volumes and

transfer amounts of the currently active 1137 DAPP projects on ETH. Among

these active DAPPs on ETH, exchange-based DAPPs hold 65% of the total

ETH transaction volume and 37% of the total amount of transactions, thus

occupying the largest proportion of all DAPPs.

Figure 17: EOS DApp Activity

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

Huobi Research

15

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

Exchanges/Opinion Leaders.

In the Cryptocurrency category, NLP World Cloud Analysis suggests

Bitcoin, Ethereum, and EOS as the top Cryptocurrencies receiving the most

widespread attention, for Bitcoin and Ethereum, discussions mainly focused

on price and trading strategies.

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

“Rebound” as the hottest words of the week. “Risk” refers to: after the

“Black swan” event on October 15, USDT returned to its original price and

the risk was temporarily eliminated; “Contract” refers to the discussion on

analysis of advantages and disadvantages from major contract platforms;

“Rebound” refers to the discussion on people’s expectation to the price

rebound after a long period of sideways trading.

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.


16

Figure18: 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 “Zcash”, “DAG”, “DASH”,

“Bithumb” and “GSDT” receiving the largest increase, while focus on

“stock right”, “Jiang Zhuoer”, “okcoin”, “Github” and “bull market”

receiving the largest decrease.

Figure19.1: Top Trending Topics Figure19.2: 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.

Huobi Research

17

In the Cryptocurrencies category, NLP Word Analysis suggests Bitcoin,

ETH, and Monero as the three cryptocurrencies that received the most

widespread attention this week. For Bitcoin and ETH, discussions on mainly

focused on price and trading strategies. Monero was highly discussed

because Binance and Bitfinex successively transferred the withdraw fee of

Monero from 0.04XMR to 0.0001XMR.

In the Events category, NLP Word Analysis suggests “BOT Robot”,

“Wallet”, and “Scam” as the hottest words of the week. “BOT Robot” refers

to the discussion on strategies for using robots to quantify transactions;

“Wallet” refers to the discussion on the pros and cons of each kind of wallet;

“Scam” refers to the discussion on Canada's exchange Maple Change has

been hacked, with investors concerned about the risk of closing the

exchange for fraud.

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

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

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

Figure20: r/Cryptocurrency Word Analysis


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

“SEC”, “Node”, “NANO”, “China” and “Ox” receiving the largest increase,

while focus on “IOTA”, “BCH”, “DOGE”, “Mainnet” and “POW” receiving

the largest decrease.


18

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

Source: Huobi Research Source: Huobi Research

2.3 Github Code Activity

Among all GitHub repositories this week, IOTA, TRX and ADA were the projects with the most code rows; It's worth noting that IOTA has had a lot of code updates this week, with 1,718 rows of code updated on 53 submissions. BTC, ETH and EOS were the projects with the most forks; IOTA, XMR, and ADA were the projects with most code commit submissions; ETH, NEO and ADA were the projects with the most issue; ETH, BTC and EOS were the projects with most stars; ETH, BTC and EOS were the projects with most watchers.

Figure 22: 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) Ontology group, 2)

Huobi Research

19

Vechain English group, 3) EOS China (Chinese group)

Figure 23: Telegram Activity


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 5,000, decreased for five consecutive weeks, the number of TRON telegram groups decreased by 1,400, compared with its last week.

Figure 24: EOS Telegram Activity (in thousands)


20

Source: Telegram, Huobi Research Figure 25: TRON Telegram Activity (in thousands)

Source: Telegram

3.Market Data

3.1 Rate of Return/ Trading volume

In the cryptocurrency market this week, the price of Cryptocurrencies

decreased. The trading volume increased dramatically. NEO experienced

the largest decrease of 6.84%; In terms of trading volume, EOS has the

largest increase of 103%.

Huobi Research

21

Figure 26: 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.

The overall Cryptocurrency price correlation this week can be divided

into two categories: the price of BTC，BCH，ADA，EOS，ETC，IOTA，ETH，TRON are highly corelated; the price of NEO，XLM，


22

XRP，DASH are highly corelated.

Figure 27: Pearson Correlations Matrix


Huobi Research

23

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.

5. The report is copyrighted by Huobi Research, please cite the source when quote, and get approval from us when large amount

of contents is referenced. Under no circumstances is reference, abridgment and modification contrary to original intention

permitted.

Documents

Huobi Blockchain Big Data Weekly Insights Vol. 21...1）The number of active Bitcoin address has kept increasing for 6 weeks, and reaches 3.69 million this week, which shows an increase