An simple guide to Decoding Traces Data
In this guide, we'll explore how to use traces to analyze transaction behavior, and gain a deeper understanding of smart contract execution.
Going Beyond Vanity Metrics
When it comes to measuring real crypto user adoption, vanity metrics- like active addresses and transaction counts, don’t tell the whole story. We have to go beyond quantity to measure quality and user behaviour.
A Primer on Smart Accounts
From EOAs to Programmable Smart Accounts: What They Are, How They Work, and Why It Matters
Leverage onchain data to discover what people are doing in crypto, why and how to maximize the trend.
An simple guide to Decoding Traces Data
In this guide, we'll explore how to use traces to analyze transaction behavior, and gain a deeper understanding of smart contract execution.
Going Beyond Vanity Metrics
When it comes to measuring real crypto user adoption, vanity metrics- like active addresses and transaction counts, don’t tell the whole story. We have to go beyond quantity to measure quality and user behaviour.
A Primer on Smart Accounts
From EOAs to Programmable Smart Accounts: What They Are, How They Work, and Why It Matters
Leverage onchain data to discover what people are doing in crypto, why and how to maximize the trend.
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The Bitcoin ecosystem has continued to capture attention due to significant developments, including the SEC's approval of 11 spot Bitcoin ETFs, the rise of NFT ordinals, and the introduction of BRC-20 smart contracts on the Bitcoin network.
As a Data Analyst and Crypto Enthusiast, I've delved into Dune Analytics, querying the Bitcoin database to track essential onchain trends that can guide our investment decisions.
In this first part of my Bitcoin data analysis, I'll present key insights from a Dune dashboard that covers fundamental metrics such as price, user activities, hash rate, block rewards, and miner’s lifetime revenue.
For a comprehensive view, you can explore the complete Bitcoin Data Dashboard on Dune.
The approval of spot Bitcoin ETFs appeared to trigger a "sell the news" event, prompting profit-taking by numerous whales as the price touched $49,000. Additionally, the Grayscale Bitcoin Trust (GBTC) experienced outflows of $429 million, leading BTC to reach a low of $39,000 within the last 14 days.
Despite this, insights from the BTC price chart below indicate an uptrend, reaching a high of $42,209 as of the time of writing.
Inflows across all spot Bitcoin ETFs currently stand at $1.13 billion, suggesting more institutional demand for BTC while supply continues to shrink as we approach the next Bitcoin halving.
The health of a blockchain network is often gauged by user and developer activities. According to Dune data, transaction counts by users currently stand at 14.74 million, indicating growing momentum despite the sharp decline in the previous month due to price fluctuations.
Bitcoin's proof-of-work (PoW) network demands robust computational power from miners, directly influencing the hash rate and mining difficulty.
The current hash rate stands at 523.918 EH/s, with mining difficulty at block height 827,468 reaching 70.34 T.
The continuous rise in the mining difficulty and hash rate enhances the security of the Bitcoin network, making it incredibly hard for attacks.
Miners compete to approve transactions on the Bitcoin network, in exchange for rewards in BTC.
Dune Data reveals that in the past 24 hours, Bitcoin miners generated approximately $48 million, pushing their lifetime revenue above $861.5 billion.
Conclusion
The approval of spot Bitcoin ETFs, along with the surge in user activities and the record-setting hashrate, presents a positive outlook for Bitcoin's future despite short-term market fluctuations.
As we anticipate the 4th cycle of the halving, BTC supply will continue to shrink, and the price is expected to rise. The big question today is, how high can BTC soar from here?
-
Until next week, remember that…
Fortune Favours the Bold
Thanks for reading Onchain Curiosity! Subscribe for free to receive new posts and support my work.
The Bitcoin ecosystem has continued to capture attention due to significant developments, including the SEC's approval of 11 spot Bitcoin ETFs, the rise of NFT ordinals, and the introduction of BRC-20 smart contracts on the Bitcoin network.
As a Data Analyst and Crypto Enthusiast, I've delved into Dune Analytics, querying the Bitcoin database to track essential onchain trends that can guide our investment decisions.
In this first part of my Bitcoin data analysis, I'll present key insights from a Dune dashboard that covers fundamental metrics such as price, user activities, hash rate, block rewards, and miner’s lifetime revenue.
For a comprehensive view, you can explore the complete Bitcoin Data Dashboard on Dune.
The approval of spot Bitcoin ETFs appeared to trigger a "sell the news" event, prompting profit-taking by numerous whales as the price touched $49,000. Additionally, the Grayscale Bitcoin Trust (GBTC) experienced outflows of $429 million, leading BTC to reach a low of $39,000 within the last 14 days.
Despite this, insights from the BTC price chart below indicate an uptrend, reaching a high of $42,209 as of the time of writing.
Inflows across all spot Bitcoin ETFs currently stand at $1.13 billion, suggesting more institutional demand for BTC while supply continues to shrink as we approach the next Bitcoin halving.
The health of a blockchain network is often gauged by user and developer activities. According to Dune data, transaction counts by users currently stand at 14.74 million, indicating growing momentum despite the sharp decline in the previous month due to price fluctuations.
Bitcoin's proof-of-work (PoW) network demands robust computational power from miners, directly influencing the hash rate and mining difficulty.
The current hash rate stands at 523.918 EH/s, with mining difficulty at block height 827,468 reaching 70.34 T.
The continuous rise in the mining difficulty and hash rate enhances the security of the Bitcoin network, making it incredibly hard for attacks.
Miners compete to approve transactions on the Bitcoin network, in exchange for rewards in BTC.
Dune Data reveals that in the past 24 hours, Bitcoin miners generated approximately $48 million, pushing their lifetime revenue above $861.5 billion.
Conclusion
The approval of spot Bitcoin ETFs, along with the surge in user activities and the record-setting hashrate, presents a positive outlook for Bitcoin's future despite short-term market fluctuations.
As we anticipate the 4th cycle of the halving, BTC supply will continue to shrink, and the price is expected to rise. The big question today is, how high can BTC soar from here?
-
Until next week, remember that…
Fortune Favours the Bold
Thanks for reading Onchain Curiosity! Subscribe for free to receive new posts and support my work.
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