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BTC and Gold
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BTC and VIX
Fundamentals
Paxful Volume - Global
Global Paxful volume for the 7 day period commencing 14th December is at $22m ($27.3 in the previous period). Overall trend in volume continues to be positive. This week, Binance partnered with Paxful to allow Binance users to buy bitcoin with 167 fiat currencies.
Paxful Volume - India
Paxful volume (denominated in BTC) has reached an ATH for the 7 day period starting 7th December of ~130 BTC. This comes at a time when India’s Ministry of Electronics and Information Technology is preparing a national blockchain strategy but the government’s clampdown on digital assets still largely remains.
Confirmed Transactions Per Day
Confirmed transactions is down in the last week at ~304k transactions yesterday (down 2%). Transactions per day is up 10% YTD.
Mean Transaction Value
The mean transaction value has increased 11% for the week and 26% YTD.
Bitcoin Economic Throughput
Bitcoin economic throughput is a measure of financial bandwidth per unit of time on the Bitcoin network. It is simply calculated by taking the average transaction size and multiplying it by the number of transactions.
Current economic throughput is up 8.6% hovering around $1.3Bn USD.
Hashrate
Bitcoin hashrate (7 day moving average) is moving down (-4% for the week). Hashrate is up 124% YTD. Currently at 92.5m TH/s on the 7 day moving average.
Daily Active Addresses
The daily active addresses for Bitcoin is up (12%). Currently at 52% YTD.
Bitcoin Days Destroyed
Bitcoin Days Destroyed (BDD) is an alternative metric for transaction volume on the Bitcoin network. It is calculated by taking the number of Bitcoins in a transaction and multiplying it by the number of days it has been since those coins were last spent.
During the last week there has not been any significant BDD activity observed.
Lightning Nodes
The number of unique lightning channels on the Bitcoin network has increased 1% for the week. The number of nodes is up 116% YTD.
Lightning Channels
There are 27666 unique channels on the lightning network is largely flat from the previous week (0%). The BTC capacity on the Lightning Network has remained flat (total capacity is at 849 BTC).
Wrapped BTC
Wrapped BTC (WBTC) is an ERC20 token backed 1:1 with Bitcoin.
The total value of Wrapped BTC has remained flat at 589 BTC.
BTC Days Since All Time High
Spent Output Profit Ratio (SOPR)
SOPR is a simple indicator constructed by Renato Shirakashi which calculates spent outputs. It is calculated by taking the realised value (USD) and dividing it by the value at creation (USD) of the output (price sold/price paid).
When SOPR > 1, owners of the spend outputs are in profit at the time of transacting. When in a bull market (green shade) values below 1 coincide with local bottoms while SOPR values above 1 coincide with local tops towards the end of the bear market (red shade). The logic here is that people are reluctant to sell at a loss in a bull market (reducing supply increasing buying pressure) and waiting for a break-even point to sell in a bear market (increasing supply putting selling pressure).
It is interesting to note that the small bull price action seen this year has been interrupted (SOPR is now below 1 and remains the case at present) and so it remains to be seen whether SOPR will move and stay above 1 in the coming months which would re-validate a bull market segment.
Tweet of the Week
As we approach the end of the calendar year, our ‘Tweet of the Week’ is from Blockchain Capital who have released their 2019 State of Crypto report where they highlight the major events, themes, trends from 2019 as well as give bold predictions for 2020.
Some of the themes from 2019 include:
DeFi
Prime brokerage
Developer tools
About the Author
Lewis Harland is an analyst at ID Theory and is a full time researcher of decentralised networks and cryptoassets.
ID Theory Ltd. is an Investment Advisor for cryptoasset investment fund, IDT Crypto Asset Fund Ltd.
Interested in partnering with ID Theory or building something special? Get in touch through our website or at info@idtheory.io.