Nansens Bitcoin On-Chain Analytics Reveal 42% Increase In BTC Transactions
Blockchain analytics platform Nansen announced the launch of its Bitcoin (BTC) on-chain analytics to bring real-time, detailed insights into the flagship cryptocurrency, enabling users to track key on-chain metrics in the platform.
Nansen Brings Real-Time On-Chain Analytics For Bitcoin
On Thursday, Nansen introduced its Bitcoin Growth Dashboard to provide a detailed view of the flagship cryptos market movements and address the lack of user-friendly tracking tools for in-depth analysis in the market.
The analytics platform noted that examining Bitcoins network at the same level as other blockchains has been difficult since most tools use outdated address labeling, fragmented data, or require advanced technical skills to extract meaning insights.
As a result, the new Bitcoin on-chain analytics aims to bring the same depth of data that Nansen users have relied on for Ethereum and other blockchains to Bitcoin by enabling traders, institutions, and analysts to monitor active addresses, transactions, and the principal entities interacting on the network.
Alex Svanevik, Nansens CEO, shared his excitement about Bitcoin analytics, explaining that users can use the platform to monitor detailed key BTC on-chain metrics:
Bitcoin is the most important asset in crypto, and were thrilled to finally bring Nansens industry-leading analytics to BTC. With our platform, users can now track Bitcoins key onchain metrics with the same level of detail and precision they expect from Nansen.
The new data aggregation will allow users to see the exchanges and entities that move the most BTC to tackle the guesswork on whether the transaction spikes are retail-drive, institutional-driven, or exchange reshuffling.
Users can also observe BTCs liquidity and supply shift in real time to identify crucial trends before they hit the broader market. Additionally, they can track the crypto markets sentiment with address activity data, offering users a new way to gauge Bitcoins adoption and investor sentiment.
BTC Transactions See 42% Daily Surge
Nansens new Bitcoin on-chain analytics revealed exchange dominance and shifts in network activity. According to the analytics platform, the largest Bitcoin-active entities include some of the worlds biggest crypto exchanges.
The data shows that Binance, Bybit, OKX, Robinhood, and KuCoin are among the top 5 BTC-active exchanges. Binance dominates the list with 40.68% of tracked BTC transaction activity, followed by Bybits 23.36% and OKXs 18.88%.
Meanwhile, Robinhood continues to emerge as a key Bitcoin custodian with its 8.72% share, Nansen pointed out. It also noted that the network trend shows significant transaction spikes between April and June 2024, likely fueled by institutional moves, major market events, and mine behavior changes.
In the past 24 hours, the number of Bitcoin active addresses has declined by 16.82% to around 462,390, suggesting network activity has slowed. The number of active addresses has hovered between 335,000 and 668,000 since September, surpassing the 600,000 mark several times since the November US elections.
Nonetheless, BTC transactions recorded a 42.33% increase during the past day, surging to approximately 453,600, which signals a demand for block space.
Lastly, the on-chain analytics platform also revealed that it will introduce Token God Mode and Nansen Profiler for BTC in the coming weeks to offer deeper insights into wallet behaviors, transaction flows, and market trends.
Text source: NewsBTC
