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  • Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses

    Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses

    Tesla transfers Bitcoin worth $770M to new addresses
    • Tesla relocated 11,509 bitcoins, valued at $770 million, to new addresses.
    • This marks Tesla’s first Bitcoin transaction since selling most holdings in 2022.
    • Tesla remains the third-largest Bitcoin holder among public companies after MicroStrategy.

    Tesla, the electric vehicle giant led by Elon Musk, has recently relocated its entire Bitcoin (BTC) treasury, consisting of 11,509 bitcoins valued at approximately $770 million, to multiple new addresses.

    This significant move was reported by analytics firm Arkham Research, which tracked the on-chain data associated with the transactions.

    First time Tesla is touching its Bitcoin stockpile

    The transfer of bitcoins marks Tesla’s first interaction with its crypto wallets since 2022 when the company sold off the majority of its holdings.

    The series of transactions occurred within a single hour and was preceded by six test transactions, indicating a strategic approach to the relocation.

    At its peak, Tesla held around 43,000 bitcoins, but according to the latest quarterly report, the company reportedly had about 9,720 BTC, worth roughly $650 million as of October 15.

    Arkham estimates that Tesla still holds 11,509 bitcoins across 68 addresses, reflecting a significant adjustment in its cryptocurrency strategy.

    Tesla’s past dealings with Bitcoin have been noteworthy. In early 2021, the company made headlines with a monumental $1.5 billion investment in the cryptocurrency, followed by the sale of $272 million worth of bitcoin in the first quarter of 2021, resulting in a profit of $128 million.

    By the second quarter of 2022, Tesla sold another $936 million in Bitcoin, garnering $64 million in gains as the market experienced volatility.

    Despite these transactions, the recent move to new addresses raises questions about Tesla’s future plans for its Bitcoin holdings. Industry speculation suggests that the company might be preparing for further sales, although no official statements have clarified the intent behind the recent transfer.

    As of now, Tesla remains the third-largest holder of Bitcoin among publicly traded companies, trailing behind MicroStrategy and Marathon Digital Holdings (MARA).

    Additionally, Musk’s other company, SpaceX, is estimated to hold around 8,285 bitcoins, further emphasizing the significant role cryptocurrency plays in the operations of Musk’s enterprises.

    Notably, Tesla continues to accept BTC payments for vehicle purchases, signalling its ongoing engagement with the cryptocurrency landscape.

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  • TRON Exceeds Bitcoin in Daily Active Addresses

    TRON Exceeds Bitcoin in Daily Active Addresses

    • Surprisingly, TRON takes the top spot on the list of cryptocurrencies with the most active daily addresses, with 1,643,580.
    • It is followed by Bitcoin, which has 867,570 active addresses.
    • In third place is Litecoin with 754,272 active daily addresses.

    Cryptocurrencies are always on the move, constantly changing and evolving. They’re often compared to the wild west of finance, breaking away from the rules of traditional markets. 

    A new analysis by CoinJournal.net utilised the most recent data available to reveal the cryptocurrencies with the highest average of daily active addresses, either as a sender or receiver of the crypto in question. 

    The snapshot from December 5, 2023 unveils an intriguing development—TRON outperformed Bitcoin in terms of worldwide daily user engagement.

    Rank Cryptocurrency Active address count
    1 TRON 1,643,580
    2 Bitcoin 867,570
    3 Litecoin 754,272
    4 Ethereum 478,541
    5 Stellar 109,897
    6 Dogecoin 99,677
    7 Bitcoin Cash 93,186
    8 Cardano 45,483
    9 USD Coin 33,920
    10 Ripple 28,201
    11 Ethereum Classic 15,472
    12 Chainlink 5,021
    13 Internet Computer 4,448
    14 Dai 2,756
    15 Wrapped Bitcoin 1,959

     

    1. TRON (TRX)

    At the forefront of blockchain activity on December 5, 2023, was TRON with an impressive 1,643,580 daily active addresses. The TRON network, known for its high throughput and decentralised applications, attracted a substantial user base actively engaging with TRX tokens.

    2. Bitcoin (BTC)

    Bitcoin, the pioneer of cryptocurrencies, maintained a robust presence with 867,570 daily active addresses. Despite its relatively lower throughput compared to some altcoins, Bitcoin’s widespread adoption and recognition ensured a substantial user base actively transacting on the network.

    3. Litecoin (LTC)

    Litecoin secured the third position with 754,272 daily active addresses. Known for its faster block generation time compared to Bitcoin, Litecoin’s user-friendly features and efficient transaction processing contributed to its significant presence in daily blockchain activity.

    4. Ethereum (ETH)

    Ethereum, the pioneer of smart contract functionality, boasted 478,541 daily active addresses. The Ethereum network’s versatility and wide range of decentralised applications facilitated a diverse set of users actively participating in transactions.

    5. Stellar (XLM)

    Stellar claimed the fifth spot with 109,897 daily active addresses. Focused on facilitating cross-border payments and bridging traditional finance with blockchain, Stellar attracted users seeking fast and low-cost transactions.

    Max Coupland, the director of CoinJournal, comments, “The cryptocurrency landscape, characterised by its dynamic nature, has long been dominated by the legacy and influence of Bitcoin. However, TRON’s unexpected triumph signals a potential shift in user preferences and highlights the evolving demands within the crypto community. While Bitcoin continues to command a substantial user base and remains a symbol of decentralised finance, TRON’s surge suggests that users are increasingly seeking platforms that provide more than just a store of value.”

     

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  • active addresses fall, market makers scale back, price softens

    active addresses fall, market makers scale back, price softens

    Key Takeaways

    • Number of addresses containing one Bitcoin or more crosses one million
    • Bitcoin relatively subdued despite trading at 2-month low
    • Two prominent market markers are scaling back activity in the space
    • Active addresses show notable decline in last week

     

    We wrote last week that nearly one million addresses on the Bitcoin network now contain at least one Bitcoin. That mark has now been passed, as the below chart shows. 

    As dramatic as that sounds, it doesn’t equate to one million people, as aggregate wallets exist (such as exchange wallets), not to mention the fact that one person often has more than one address. 

    Looking beyond this quirky threshold, there has not been too much of note occurring in the markets in recent weeks. The market has been somewhat soft, Bitcoin trading at $27,300 as I write this, a two-month low. It is down 7% over the past ten days, but that is not exactly a dramatic decline by Bitcoin’s standards. 

    Looking at activity on the network does show more notable developments, however. The below chart shows a perceptible break downwards when analysing the 7-day exponential moving average (EMA) of active addresses on the network.

    It is the biggest decline in activity over the last year. It is not immediately obvious what is causing it, but with the 7-day EMA running roughly between 800,000 and 1,000,000 addresses, the fall towards 600,000 does stand out. 

    Regarding possible catalysts, there has not been much beyond the continued big story of the year: the regulatory crackdown from the US. Coinbase CEO Brian Armstrong said the exchange would consider the UAE as an international hub, as the company reels from the punitive measures levelled against the industry in recent times – including a Wells notice served to Coinbase in March. 

    Congressman Brad Sherman was the latest lawmaker to slam the industry, making some startling comparisons that haven’t exactly gone down well in the industry:

    “Peru is way ahead of us (the US) in cocaine production. China is way ahead of us in organ harvesting. We don’t need to keep up on those things and we don’t need to keep up on crypto”. 

    Regardless of whether you agree or not, the industry is feeling the pinch of this hostile stance in the US. Last week, two prominent crypto market makers, Jane Street and Jump Crypto, announced they were scaling back their market making activity.

    This amounts to a blow to markets that are already very thin. Indeed, we have written multiple times what role the thin liquidy has played in Bitcoin’s run-up this year. In April, crypto profits, prices all hit their highest marks since June 2022. But so did volatility, as there has been a dearth of capital in the space ever since Alameda, one of the largest market makers, evaporated amid the FTX crash in November. And that liquidity is only going to get thinner again with the news out of Jane Street and Jump Crypto. 

    With thin liquidity comes high volatility, as it takes less capital to move prices. The below chart shows that volatility has fallen off since March, but is still trading above 40% on an annualised basis and up markedly since the start of the year. 

    While Bitcoin’s price fall from close to $30,000 to where it currently sits at $27,200 is nothing to write home about, the shallow nature of the markets hint that more volatility could be on the way. 

     

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  • Nearly a million addresses hold more than 1 bitcoin, half the US median salary

    Nearly a million addresses hold more than 1 bitcoin, half the US median salary

    Key Takeaways

    • The distribution of Bitcoin can be analysed through the transparent nature of the blockchain
    • Nearly 1 million addresses now hold more than 1 Bitcoin, equivalent to $27,500, or half the US median annual salary
    • As Bitcoin collapsed in price last year, falling 77% from peak to trough, the 1 Bitcoin hurdle became far easier to achieve

    The funny thing about the blockchain is that, while it is impossible to know the identities of individuals or institutions behind a Bitcoin address, the distribution of the asset is readily available on the Internet for all to see. 

    This means that we can study the distribution of coins across the network. For example, the largest holder of Bitcoin is the anonymous creator, Satoshi Nakamoto, at approximately 1 million coins, or over 5% of the entire supply. 

    In digging deeper, however, we can assess how many people own certain thresholds of Bitcoin. Notably, one target is about to be hit: there will soon be 1 million addresses holding 1 Bitcoin or greater. 

    The current number, as of 8th May 2023, is at 997,919 addresses containing 1 Bitcoin or greater, equivalent to $27,500. With the median US salary at $56,400 per year, 1 Bitcoin thus equates to roughly half of that – and a lot more in most other countries. 

    To be clear, one Bitcoin address is not equal to one person, so this doesn’t necessarily mean 1 million people own 1 Bitcoin. Certain individuals are in control of multiple Bitcoin addresses, while some addresses may belong to institutions or groups of people. But it is the best approximation we have, as like we said above, it is impossible to know the identity behind these addresses. We just have an alphanumeric code on the blockchain, which is the beauty of it. 

    The one million addresses represent just over 2% of the total number of non-zero addresses on the Bitcoin network. 

    “For a long time, one Bitcoin was just a small amount of money. It was only ten years ago that it first crossed the $100 mark. Then in 2017, it passed $10,000 for the first time. It is remarkable to be sitting here now with nearly one million addresses containing at least one Bitcoin, despite how expensive it has become”, said Max Coupland, director of CoinJournal. 

    How does the distribution change as Bitcoin’s price moves?

    Obviously, Bitcoin’s price is incredibly volatile. Back in November 2021, the price of Bitcoin was nearly $69,000, well clear of the median wage in the US. Since then, the asset’s price has collapsed. Despite rising 66% thus far this year, it remains 60% off its peak. 

    Therefore, this has made owning certain amounts of Bitcoin a lot more achievable. In plotting the pattern of Bitcoin addresses holding more than 1 Bitcoin against the price of Bitcoin, there is a clear shift upward in trajectory from the spring of 2022, when the price of Bitcoin began to crater downwards.  This followed a period of levelling off during COVID as the price of Bitcoin went parabolic, surging from $7,000 at the start of 2020 to nearly 10X that by late 2021.

    When comparing the growth in addresses holding 1 Bitcoin to total (non-zero) addresses on the network in the next chart, one can see that non-zero addresses have grown at a much more steady pace, with the pickup in early 2022 of addresses holding 1 Bitcoin or more not matched. This makes intuitive sense, as the world is on a dollar standard, and less dollars required to buy 1 Bitcoin means more people can hit that hurdle. 

    Despite the hurdle of owning more than 1 Bitcoin becoming easier to achieve, it is still a lot of money. If Bitcoin ever retakes the levels it did during its pandemic boom, the trajectory of people reaching this elusive “whole coiner” status will again slow, as it simply will not be possible. Of course, Bitcoin’s price can always go the opposite way, in which case it won’t be quite such a difficult – or desirable – target. 

    If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research.

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  • Bitcoin “shrimp” addresses hit 43.2 million

    Bitcoin “shrimp” addresses hit 43.2 million

    • Bitcoin “shrimp” wallets, which hold 1 bitcoin recently surged to 43.2 million.
    • Bitcoin addresses with 0.01 BTC or less have also hit an all-time high of 32.6 billion.
    • Data also shows bitcoin wallets in profit have reached 70% after recent price gains.

    Bitcoin price recently reached an eight month high when it rallied to highs above $25,000 last week.

    Despite this, the latest market data from asset manager CoinShares shows Bitcoin investment products saw outflows of $25 million, about 78% of the $32 million that exited amid negative sentiment. But a new report shared by crypto exchange Bitfinex indicates that Bitcoin still saw massive growth in terms of the address count with one BTC or lower.

    Bitcoin “shrimp” addresses hit 43.2 million

    According to data shared in the Bitfinex Alpha report published Monday, 20 February 2023, Bitcoin addresses with less than one bitcoin, or “shrimps”, recently jumped to 43.2 million – the highest the count has hit in the flagship cryptocurrency’s history.

    No doubt this has been greatly helped by the massive growth in addresses with 0.01 BTC or less. Per the Bitfinex report, and from on-chain data by analytics platform Glassnode, the number of wallets with balances of 0.01 BTC or under recently hit 32.6 million.

    Overall, wallet addresses with non-zero balances are at an all-time high, which Bitfinex researchers say is indicative of “an influx of new investors.” 

    As CoinJournal recently covered, shrimps actually increased their buying even as prices fell after the FTX collapse. And it is this increase in the number of non-zero wallets that could have fueled Bitcoin’s recent upside momentum, the Bitfinex team noted in their report.

    Is it the start of a new Bitcoin bull market?

    Bitcoin has been largely upwards in January and February, with nearly 50% in overall gains year-to-date as of 21 February. In fact, as Glassnode data shows, the number of Bitcoin wallets in profit (7-day moving average) has also just hit a 10-month high.

    While analysts warn of a potential pullback amid profit booking across crypto, the sentiment is still mostly bullish for BTC in the short term. And the recent growth in shrimp wallet addresses aligns with historical market trends in a bear market.

    In this case, bull markets have traditionally been highlighted by wealth distribution, with the entry of new short term holders a metric that helps signal the shift in market direction.

    However, as Bitfinex analysts noted in their report, the latest data is only a “snapshot of the current situation.” In short, it is hard to predict where the market goes next at any one given time.

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  • 30+ million Bitcoin addresses are in profit after BTC spike

    30+ million Bitcoin addresses are in profit after BTC spike

    • Bitcoin addresses in profit is at a 9-month high of 30+ million.
    • More unique addresses in profit were last above 30 million in early April 2022.
    • Non-zero addresses also hit a 1-month high while addresses with 0.01+ BTC is at an all-time high.

    The number of Bitcoin addresses that are currently in profit has reached a 9-month high, on-chain data shared by crypto platform Glassnode shows.

    Per the metric, the percentage of unique addresses with Bitcoin funds in profit were 30,081,429 on Monday morning. The figure is a 7-day moving average measure and shows the current value of BTC in the wallets compared to the average buy price.

    Therefore, these 30 million plus BTC addresses currently hold coins that were valued lower at the time of their purchase when compared to their current value.

    Chart showing number of BTC in profit. Source: Glassnode.

    Addresses with 0.01+ coins hit all-time high

    At the time of writing, Bitcoin’s addresses in profit (7-day moving average) sat at a 9-month high after Bitcoin’s latest price action. The last time these many BTC addresses were in profit was in April-early May 2022 – with this happening as the events of Terra and Three Arrows Capital collapse helped to push prices below $40k.

    Bitcoin eventually sank to lows of $15,600 in November amid the FTX-triggered sell-off that likely saw more people buy Bitcoin.

    Now BTC is up more than 40% in 2023 and is currently above the $23,000 price level, helping add over 7 million more unique addresses into the profitable bracket as prices began to soar in January.

    Meanwhile, the number of non-zero addresses has also increased, reaching a 1-month high of over 43 million. Indeed, the number of addresses with 0.01+ coins has recently hit an all-time high of 11,484,618, according to on-chain data Glassnode shared early Monday.

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  • Shiba Inu Is Being Actively Purchased by Large Addresses

    Shiba Inu Is Being Actively Purchased by Large Addresses

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  • Bitcoin addresses with 100-10K coins buy $726 million BTC

    Bitcoin addresses with 100-10K coins buy $726 million BTC

    • Bitcoin wallet addresses with 100 to 10,000 BTC bought another $726 million worth of coins in 9 days.
    • The sharks and whales activity highlight the continued accumulation of BTC as market navigates the recent FTX- fueled crash.
    • Bitcoin price rose to highs of $18,385 on Tuesday, before retreating late Wednesday following US central bank interest rate hike.

    Bitcoin rallied well above $18,000 this week as the crypto market moved higher amid exuberance in the risk asset market over cooling inflation in the US.

    The flagship cryptocurrency hit highs of $18,385 ahead of Wednesday’s 50% rate hike from the US Federal Reserve.

    While the Fed Chair Jerome Powell’s hawkish remarks helped dampen sentiment to push BTC below $18k again, the crypto remains poised for a fresh upside given bulls’ holding of prices above the key support base established in the aftermath of the FTX implosion.

    Whales continue to buy the dip

    Bitcoin’s retreat from $18,385 suggests bulls might have to rely on the buffer at $17,200 – the immediate resistance level that’s likely to act as a key support base. Below that, bears could target $15,700.

    Despite the rejection at intraday highs above $18,300 seen this week, its likely bitcoin will look to retest the price level given its strong fundamental outlook.

    According to o-chain data shared by market platform Santiment, more bitcoin sharks and whales have scooped coins this past week. This happened amid the FTX fallout and as the firm’s data shows, addresses holding 100 to 10,000 BTC have added over $726 million BTC in just nine days.

    About 15,900 wallet addresses in this category hold 8.5 million bitcoins worth over $149 billion (at current prices).

    Notably, it adds to the accumulation seen since Bitcoin price registered a sharp decline on news of FTX’s implosion in early November. 

    As well as whales and sharks, shrimps and crabs have also been grabbing some alpha. The two wallet cohorts have aggressively been buying BTC. As we highlighted here, the group has added more than 96,000 BTC worth over $1.6 billion in 30 days.

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