A single transaction processed on February 28 moved nearly $264 million worth of bitcoins (BTC) from an unknown wallet to the world’s leading cryptocurrency exchange, Binance.
He transaction in question moved 11221.055 BTC worth $263,851,890 with a fee of 3,537 satoshi (1/100,000,000 of a bitcoin) worth just $0.83. The move comes as bitcoin is trading at $23,450 after gaining 0.55% in the last 24 hours and losing 1.4% in the last 7 days.
Meanwhile, on-chain data provided by Glassnode shows that the number of bitcoin addresses containing at least $0.1 BTC alone reached a new all-time high of 4,239,235, while the average volume of transactions hit a 3-year minimum of $198.31.
At the same time, the amount of BTC that has not moved for at least ten years only reached another all-time high of 2,646,765.201 BTC.
On-chain cryptographic analysis is a method of analyzing data from a blockchain network to gain insight into the behavior and activities of network participants.
The blockchain is a public ledger of all transactions on a particular cryptocurrency network, and onchain analytics involves examining this ledger to track the flow of funds, identify patterns and trends, and gain deeper understanding. depth of how the network is used.
This type of analysis can be used to identify key players in a particular market or to track the movement of large sums of cryptocurrency.
Many companies and organizations in the cryptocurrency industry use on-chain analytics to inform their decision-making, and the practice has become an important tool for investors, regulators, and law enforcement agencies in the ecosystem. of cryptocurrencies.
If you want to learn more about on-chain analysis of cryptocurrencies, leading cryptocurrency price data provider CoinGecko has published a handy video guide on the subject.
The findings follow a recent report suggesting that Bitcoin continues to leave cryptocurrency exchanges as on-chain data continues to show signs of accumulation by long-term investors.
