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. Related Reading: Ethereum To Move Sideways For 2-3 Months? Analyst Says Longer ETH Consolidation Is Needed 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noted that examining Bitcoins network at the same level as other blockchains has been difficult since most tools use outdated address labeling, fragmented data, or require advanced technical skills to extract meaning insights.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. Related Reading: Solana Risks Further Drop Amid $180 Support Retest Is The SOL Memecoin Fiesta Over? 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. Featured Image from Unsplash.com, Chart from TradingView.com

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Bitcoin Data Reveals No Significant Panic Selling In The Market Shakeout Or Trend Shift?

Bitcoin faced a sharp retrace yesterday, dropping 8% from its all-time high of $108,300 after the Federal Reserve announced a 25 basis point rate cut alongside a revised policy signaling fewer cuts in 2025. Despite the drop, Bitcoin managed to hold above $98,000, a critical liquidity level that analysts are closely monitoring. Related Reading: On-Chain Metrics Reveal Cardano Whales Are Buying The Dip Details This recent price action raises a pivotal question: is this the start of a more significant correction or merely a shakeout to fuel the next leg of Bitcoin’s rally? CryptoQuant analyst Axel Adler provided key insights, noting that no substantial panic selling is evident in the marketa signal that investor confidence remains intact for now. Bitcoin’s resilience at current levels suggests the market is recalibrating following the Feds latest moves. As traders and investors digest these developments, all eyes are on whether Bitcoin can recover momentum and push back toward its previous highs or if deeper retracements are on the horizon. With market sentiment hanging in the balance, the coming days will be crucial in determining Bitcoin’s next direction. Bitcoin Remains Strong Despite the recent dip and a noticeable shift in market sentiment, Bitcoin remains resilient above key liquidity levels, maintaining its long-term bullish structure. The price drop, sparked by broader market reactions to the Federal Reserves policy announcement, has raised concerns, but Bitcoin’s ability to hold critical support underscores its underlying strength. Top CryptoQuant analyst Axel Adler recently shared data on X, shedding light on the market’s current dynamics. According to Adler, no significant panic selling is evident, even after Bitcoin’s sharp decline.  He highlighted a chart tracking the BTC short-term holder profit-loss to exchanges, revealing that this metric is currently at a higher level than seen during early December selling events. This indicates that the recent sell-off may have been less driven by fear and more of a strategic shakeout. This shakeout could serve to generate liquidity and provide the necessary momentum for Bitcoins ongoing rally. However, he also cautions that this could mark the beginning of a broader correction that might take time to fully develop. Related Reading: Solana Bull Flag Signals A Breakout To $300 Analyst Shares Key Levels The coming weeks will be pivotal for Bitcoin. As the market stabilizes, traders and investors are watching whether Bitcoin can reclaim higher levels or if further downside consolidation is on the cards. Price Action: Technical Levels To Hold Bitcoin is currently trading at $101,800, following a successful test of local demand at $98,695 earlier today. The price structure remains intact, with Bitcoin forming a clear pattern of higher highs and higher lows, signaling sustained bullish momentum. Despite the recent volatility, the market sentiment continues to lean optimistic as BTC holds above critical support levels. For Bitcoin to maintain its upward trajectory, a decisive push above $103,600 is essential. This level served as a significant pivot last week, marking a key zone for both buyers and sellers. Breaking through this resistance would likely signal renewed momentum, setting the stage for further gains as Bitcoin eyes new highs. However, failure to break above $103,600 could lead to a shift in sentiment. If BTC also loses the $100,000 psychological level, it would likely confirm the start of a broader correction. Such a scenario could drive the price toward lower support zones as the market recalibrates. Related Reading: Ethereum Whales Load Up: Bullish Sign Or Bear Trap? The next few days will be crucial in determining Bitcoins near-term direction. Traders are closely watching the $103,600 resistance and $100,000 support levels, as these thresholds will dictate whether BTC continues its rally or enters a corrective phase. Featured image from Dall-E, chart from TradingView

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On-Chain Metrics Reveal Bitcoin Demand Is Growing Can BTC Break ATHs In Q4?

Bitcoin surged over 5% yesterday, following a positive day across the crypto market. This sudden price boost has sparked optimism among investors and analysts, anticipating even bigger gains in the coming months. Market sentiment is improving alongside price action, fueling hopes for a sustained rally. Key data from CryptoQuant suggests that Bitcoin demand is rising, supporting [...]

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