The New Entities metric is a measure of network adoption. It's currently at around 83k new entities coming online per day, which is a new low for the 2020-22 cycle but remains higher than the 2018 bear market low, which dropped to 66k new entities per day.
We also know median transfer volumes are low, these are the ones that represent retail investors more accurately. We know that miner revenue is low - miner revenue is directly related to the level of demand for block space and thus network usage.
Well, it's not the ones who have been holding Bitcoin for 6 months or longer. The hodlers (6-months+) represent only 0.4% of the coins being sold. This is a long way off the copious 8% at the height of the bull in Jan 2021.
This is backed up by other on-chain metrics showing that the longer-term hodlers are holding steady. One of those is the 90-day Coin Days Destroyed (CDD-90) metric. This assesses the total sum of coin day destruction over 90 days. What that means is this metric works out the total number of days Bitcoin had been held before selling, across all sales, over 90 days.
So for the sake of an example, let's say that 10 Bitcoin were sold in that time, and each one had been held for a year, the metric would be 365 * 10 = 3650. However, if 10 Bitcoin were sold and each one had been held for 30 days it would be 30 * 10 = 300. So, when this is low it's showing the people selling have not been holding their Bitcoin for long, i.e., short-term holders.
This metric is the LOWEST it's been in over 10 years.
Bitcoin wallets with more than 1 BTC in them just reached an all-time high. There are now over 900,000 wallets with more than 1 BTC in them.
VeChain collaborated with a China-based subsidiary of Walmart to develop a blockchain traceability platform, on VeChainThor. The platform, as designed, scales at least 100 product lines in about 10 product categories. This helps to “implement a traceability strategy for products and pioneer the large-scale application of blockchain traceability.”
VeChain has claimed to process almost 700k transactions for the biggest company in the world Walmart in just over 3 hours. That equates to 64 TPS. Not too bad but not mind-blowingly good either.
It’s one of just 24 apes in the entire CryptoPunks collection, which spans 10,000 unique NFT profile pictures. CryptoPunk #2924 was sold by a notable pseudonymous NFT collector seedphrase, although it’s not immediately clear who the buyer was. I looked at the seller's wallet, using DappRadar, and they've got a mere 1105 NFTs worth $9m.
