Santiment reveals this , noting that there has been a peak of activity that lasted one hour , the largest since July 4, despite the market being relatively flat.
📈 #Bitcoin has just hit its largest single hour of address activity since July 4th 🇺🇸, despite a mostly flat Monday thus far. This spike, occurring between 6pm and 7pm UTC, shows an increase in the total unique addresses interacting on $BTC's network. https://t.co/cEmRXmzvAQ pic.twitter.com/khoi3RAqG4— Santiment (@santimentfeed) August 16, 2021
The peak occurred between 18:00 and 19:00 UTC, when the price of BTC fluctuated between $ 46,600 and $ 46,300, and just before the drop that took it to $ 45,700 in less than two hours.
After that, the price of bitcoin fell again, reaching $ 45,300 in the early hours of today.
The Santiment chart also shows a sort of cyclicality in the total number of active addresses on the Bitcoin blockchain over a 24-hour period.
In fact, starting from 19 July we can clearly distinguish four cycles , very similar to each other both in terms of numbers and duration, with peaks of activity in the first days of the week, and a significant decrease during the weekends.
In particular, during the last weekend, the number of 24-hour active addresses dropped to under 650,000, as had not happened since the weekend in mid-July, that is, before the last drop in the price of bitcoin below $ 30,000. However, on the following Monday the 850,000 active addresses were not exceeded, while yesterday the threshold of 950,000 was even exceeded.
Bitcoin, the active addresses confirm the dominance of the institutional ones
The fact that during the weekends, when retail investors are more active and institutional investors less, the number of active addresses drops regularly, with a following peak in the first days of the week, or when companies go back to work, adds further confirmation. to the one already discovered a few days ago thanks to the data revealed in Coinbase’s second quarter 2021 report.
In fact, it is now clear that the greater operations on crypto markets, and in particular on bitcoin, are due more to large institutional investors than to tens of millions of small retail investors.
On the other hand, for some time now, the average value of individual transactions on the bitcoin blockchain has consistently exceeded $ 300,000, clearly revealing the dominance of whales. However, to this figure it is necessary to add both that the median is much lower (less than $ 800), and that this figure does not take into account off-chain transactions, for example with Lightning Network.
Furthermore, the average value of individual on-chain transactions is heavily influenced by the enormous capital movements of exchanges, often carried out with a very small number of transactions but huge amounts.