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Bitcoin (BTC) Network Activity Prints Many Records, Glassnode Analysts Say

News
Thu, 07/02/2020 - 11:12
Vladislav Sopov
Despite the Bitcoin (BTC) price performance being ridiculosly boring as of late, trends in its network activity have gone through the roof, according to Glassnode
Bitcoin (BTC) Network Activity Prints Many Records, Glassnode Analysts Say
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Rafael Schultze-Kraft, chief technical officer of Glassnode blockchain analytics vendor, unveiled that the Bitcoin (BTC) network is currently surprisingly active. Many on-chain metrics have broken above long-term highs.

Record levels of activity

According to Mr. Schultze-Kraft, the most splendid numbers are those of new address registration and the number of transactions.

Glassnode analysts claim Bitcoin (BTC) network activity is very high
Image via Twitter

The number of addresses created hourly has reached a two-year high, while the quantity of active addresses has surpassed a 1-year high. The latter measurement includes addresses that took part in at least one transaction during the period of analysis.

The hourly transaction count has blasted over the 'Xi spike' levels, thus, reaching a new ten-month high. Over 16 thousand transactions have been initiated hourly in the ongoing period of network activity spike.

Finally, the number of spent transaction outputs with a lifespan of less than 24h reached an all-time high. This indicator characterizes Bitcoin (BTC) network activity perfectly as the transaction outputs are used to keep the integrity of the blockchain.

Bullish or bearish?

While network activity measurements shouldn't be treated as clear bullish or bearish signs, other posts from Mr. Shultze-Kraft suggest that long-term Bitcoin (BTC) investors are treating the network processes as healthy and prospective.

Related 60% of Bitcoin (BTC) Supply Hasn't Moved in Over a Year, Glassnode Says
Related
60% of Bitcoin (BTC) Supply Hasn't Moved in Over a Year, Glassnode Says

As covered by U.Today Crypto News, the Glassnode CTO unveiled that HODLers of the king coin are highly aggressive in adding new assets to their riches. 60% of Bitcoin (BTC) hasn't moved in a year.

Also, the number of coins that spent the past two and three years dormant, are also inching towards new all-time-highs.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?

News
Fri, 10/23/2020 - 09:24
Vladislav Sopov
Grayscale, undisputed giant of institutional crypto investments, is celebrating another monstrous milestone, adding a nine-digit sum to AUM in 24 hours
Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?
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Contents

Grayscale is an investment company that provides the clients with an exposure to digital currency markets eliminating the need to buy tokens. The firm does it by selling shares of 'trusts' related to certain digital assets. The recently started FOMO has already brought Grayscale's 'asset under management' (AUM) values to previously unseen levels.

Grayscale assets are on steroids

In its most recent report shared in a tweet, Grayscale Investments stated that its net AUM now surpasses $7,300,000,000. Mostly, this upsurge should be attributed to the spikes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) prices.

Grayscale adds $300M to its AUM in 24 hours
Image by Twitter

Its founder, CEO of Digital Currency Group Barry Silbert, unveiled that Grayscale’s holdings added a whopping amount of value in the last 24 hours.

Added a cool $300 million in AUM in one day

In terms of separate ‘trusts’, the most impressive increase is associated with Litecoin (LTC). Its value added almost 10% bringing its total to over $34 mln. 

Bitcoin (BTC) allocation surged above $6 bln with a 5% increase. Notorious Grayscale Ethereum Trust (ETHE) added 6% and now is valued at $942 mln.

PayPal assists Grayscale

By contrast, Stellar Lumens (XLM) and Bitcoin Cash (BCH) trusts witnessed mediocre increases of 2-3%. The only integral product of Grayscale, Large Cap Trust that unites the most valuable coins under its umbrella, therefore, added less than 4%.

The numbers of Grayscale Investments positions rocketed due to the rapid spike of crypto prices associated with PayPal’s decision to add major digital assets to its instrument toolkit.

As covered by U.Today previously, PayPal announced that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) will be added as payment methods by the end of this year.

  

Following this surprising news, Bitcoin (BTC) revisited its multi-months high over $13,000. At press time, its price has slightly retraced and flirts with the $12,800 level.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)