Bitcoin Utility raste med medvedjim trgom

On-chain data shows that the current market cycle is unique, with more Bitcoiners transacting peer-to-peer and outside the realm of exchanges.

Eden od glavnih vidikov analize v verigi je preučevanje transakcij prek omrežja. V nasprotju s transakcijami, ki vključujejo borzo, ki pogosto povzročijo nestanovitnost cen, transakcije zunaj borz prikazujejo uporabnost omrežja kot možna plačila med uporabniki. Dolgoročno pozitivno prispeva k razvoju omrežja, če uporabniki komunicirajo med seboj. Zato je bistveno preučiti obnašanje transakcij v omrežju.

Kar zadeva vsoto vseh internih transakcij borze, je število transakcij, ki krožijo v denarnicah borze, od vrha maja 2021 padalo. To pomeni, da na trgu ni toliko dejavnosti prenosa. Videti je drugače kot v prejšnjih cenovnih ciklih, ko je bila ta številka močno povezana s cenovno akcijo.

Medtem se je skupno število pologov in dvigov na menjalnice in z njih zmanjšalo, kar dokazuje, da so ljudje morda manj vključeni v menjalnice.

Poleg tega se je število transakcij z vseh borz na borze izvedenih finančnih instrumentov močno zmanjšalo, kar kaže na to, da trgovanje z izvedenimi finančnimi instrumenti trenutno ni zelo privlačno.

Medtem ni več možnosti kumulativnega prodajnega pritiska zaradi znatnega padca števila transakcij z vseh borz na promptne borze. To daje najmanjšo spodbudo in blaži medvedje občutke med deležniki.

Concurrently, the sum count of transactions has moved up in contrast to the downtrend in exchange-related transactions. It implies an increased supply/demand outside of exchanges, resulting in a high usage of the Bitcoin network.

Network value-to-transaction (NVT) is the ratio of market capitalization divided by transaction volume. That helps gauge the relativity between network value and network usage as transaction volume represents network usage. A falling NVT proves that the velocity of coins circulating in the bitcoin economy has risen, and the network value is relatively undervalued compared to its high utility.

It is clear how quickly and proportionally transactions are conducted on the network in and outside of exchanges. We should pay attention to the sum of unique active addresses, including both senders and receivers. The sum of active addresses has gradually increased since the July 2021 bottom. This has been a good indicator for the development of network activity since Bitcoin’s inception.

Ultimately, long-term investors are concerned about the digital attributes to the velocity of bitcoin usage in the economy rather than its trading price. With limited supply and increasing demand, an increase of transactions and active addresses over time demonstrates the growth of the Bitcoin network’s utility.

The key feature of the on-chain analysis is the HODLing behavior of long-term investors. One of the most reliable indicators is UTXO value bands which illustrate the distribution of all UTXOs in terms of their size. All studied UTXO bands herein represent the total value of all UTXOs ranging from 10 to more than 10,000 bitcoin, which focuses on the behavior of whales. As seen in the following figure, more UTXOs have been held in enormous quantities suggesting that whales are not distributing coins and are instead accumulating.

Poleg tega starostni pasovi UTXO prikazujejo število UTXO, ki so se nazadnje premaknili v določenem času. Vsi obravnavani pasovi (več kot šest mesecev) so bili ohranjeni in postopoma razširjeni. To pomeni, da več vlagateljev drži in kopiči več kovancev.

The UTXO count age bands and value bands suggest that short-term liquidity is dominant throughout the market, whereas long-term liquidity is still virtually dormant and slightly increasing. Simply put, long-standing HODLers are calmly confident regardless of the short-term volatility in bitcoin’s price.

On balance, the utility of the Bitcoin network has been growing during the recent polmedvedji trg. The transaction behavior outside of exchanges has been carried out as a feasible payment process, and the Bitcoin community has adopted the HODLing attitude.

To je gostujoča objava avtorja Dang Quan Vuonga. Izražena mnenja so v celoti njihova lastna in ne odražajo nujno mnenj BTC Inc. oz Bitcoin Magazine.

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• Source: https://bitcoinmagazine.com/markets/bitcoin-utility-grows-during-the-bear-market