Chainalysis Report: $ 41 billion of transactions were performed on Bitcoin blockcoins in 2 months, only $ 9 billion had real economic value

Bitcoin was about to reverse the trend and regain its popularity just before the heavy price of November collapsed, according to data released Wednesday by researcher Chainalysis. Chainalysis blockchain investigators report that the Bitcoin 30-day moving average of flows to personal portfolios was rising, exceeding $ 400 million by November 1, from less than $ 300 million in June. Then the cold November intervened and lost $ 100 billion from the encrypted market.

Key Takeaways

Bloomberg summarizes the Chainalysis report with a couple of key information:

• The increase was a partial rebound after the flows slowed during the first months of the year by about $ 900 million in January, as the value of Bitcoin declined. The new data suggest that people were trying to accumulate coins at lower prices, said Kim Grauer, Chainalysis economist in a telephone interview.
• This probably did not go well, as Bitcoin collapsed by 38% in November, according to the prices set by Bloomberg. The researcher has not yet analyzed the data for that month. Even before the start of the month, Bitcoin had fallen by over 50% in 2018.

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• While there are 460 million Bitcoin addresses, only 27 million people or companies currently own Bitcoin, noted Chainalysis.
• And only 20 percent of the moving Bitcoin is traded between two parties, according to Chainalysis. Thus, while about $ 41 billion of transactions were made between August and October, only $ 9 billion had real economic value, Chainalysis said.