it is normal in the sense that the behavior looks exactly like any big service such as exchanges have. the blocks themselves don't have that many high value transactions, it is just that they are happening more in 1-2 days that they aggregate to a big total showing that spike.
otherwise these big transactions individually and the blocks containing them individually are normal.
for example there are lots of transactions like this:
https://blockchair.com/bitcoin/transaction/9974eecdc0842ede6198ef1b478eeddb76ac57b2b0d9193293d18074061bd012
which have lots of inputs from multiple other addresses similar to the receiving that are consolidating a lot of received coins.
when you move back you eventually find chains like this:
https://www.blockchain.com/btc/address/177JRHB2LD24HT5PUeW4FBvqvWTqoQ9TLU
https://www.blockchain.com/btc/address/1Fz3qgsCVajnU1X48MMruptxR3YYL6FDhM
https://www.blockchain.com/btc/address/3MiQnHMKTdAG2k1QnB1mEs8hTsCxxb8pFw
and the final one is being aggregated with other similar ones and goes in:
https://www.blockchain.com/btc/address/3NXSNhqwnbBYohf9vxWHUfJAjCGWAGvs1X (7,825)
and it repeats again:
https://www.blockchain.com/btc/address/3C4qdvjFMDtddUHnWhHHFbt5SayhWHLkWu
https://www.blockchain.com/btc/address/32Sk8FS239ufaqS23zxrpzr9QofbZMHd1g
https://www.blockchain.com/btc/address/3AQ4kUjQaDjCjmDh2ojKEHjUKTSi52UUqD (most active during that period)
Topic: 22M btc transacted today (Read 366 times)
-snip-
This actually makes a lot of sense, I remember thinking something like this when I was looking at large TX's that had many outputs and thought it was something like this.The transactions you listed are from the same wallet, and then going back into the same wallet - could transactions like these be removed from the total volume, and we'd get a more accurate figure, or would it be too hard to do?
Understanding better now what the indicator tells us after reading through the replies, what still bugs me is that the historical chart for Bitcoin sent in USD has no spike similar to this one, be it on a short term based char like six months, or taking into account the complete history:
https://bitinfocharts.com/comparison/bitcoin-sentinusd.html#6m
https://bitinfocharts.com/comparison/bitcoin-sentinusd.html
Last 24 hour’s reading is more than four times higher than the highest prior reading from July 2019, which is an astronomical increment.
It's pretty amazing how much growth we've seen even with the bear market for quite a long time, looks like more investments are getting in the scene and people are moving their money around. Love it. https://bitinfocharts.com/comparison/bitcoin-sentinusd.html#6m
https://bitinfocharts.com/comparison/bitcoin-sentinusd.html
Last 24 hour’s reading is more than four times higher than the highest prior reading from July 2019, which is an astronomical increment.
not exactly "normal", it is still a big spike in the amount transferred compares to previous days and what has been going on during the month. but at the same time it is not that rare either since we have had days that we had similar spikes due to a lot of activities. they can also be price related and the recent dip below the major support line could be it.
Is not even "normal", and it is damn rare:
https://www.blockchain.com/en/charts/output-volume?timespan=2years
And, man...this moment, I have to agree with franky1....ufff
All the volume is not generated by whales or exchanges moving cold wallets
But by crap like this:
https://www.blockchain.com/btc/address/3MXFMrpjBCrQ3ohGxnNaEFtEA9gyXrTHCW
https://www.blockchain.com/en/btc/tx/0edbf88d5350f170f5f7929bb542015fcc7551e8f92564c67e1e82dce822963e
And at this moment it shows no signs of slowing down.
Thank you for the links and clarifications.
This isn't "normal" in any way, though it's not impossible for things like this to happen due to the fact that bitcoin is designed to also do silly and inefficient things such as this. For one, we know that the miners benefited from the tossing and turning of the coins around the blockchain and apparently there doesn't seem to be any signs of affecting the network in general. This could be some large entities just wasting their money on fees or exchanges doing their routinely transfer of funds from different wallets/address.
not exactly "normal", it is still a big spike in the amount transferred compares to previous days and what has been going on during the month. but at the same time it is not that rare either since we have had days that we had similar spikes due to a lot of activities. they can also be price related and the recent dip below the major support line could be it.
Is not even "normal", and it is damn rare:
https://www.blockchain.com/en/charts/output-volume?timespan=2years
And, man...this moment, I have to agree with franky1....ufff
All the volume is not generated by whales or exchanges moving cold wallets
But by crap like this:
https://www.blockchain.com/btc/address/3MXFMrpjBCrQ3ohGxnNaEFtEA9gyXrTHCW
https://www.blockchain.com/en/btc/tx/0edbf88d5350f170f5f7929bb542015fcc7551e8f92564c67e1e82dce822963e
And at this moment it shows no signs of slowing down.
whales? nah...
exchanges swapping and cutting up their cold/hotwallets.. yep
for newbies:
the stats do not mean that all coins in circulation are in play and all moved. it means that exchanges do as the example below shows
exchange 10,000btc -> exchange 9,999
-> user 1btc
exchange 9,999btc -> exchange 9,998
-> user 1btc
transactions like this does not represent on the stats as just 1btc moving per tx. but 10,000 per tx, meaning the example shows 19,999 moved. even though the exchange has only handed out 2btc.
exchanges do this all the time. use large hoards of funds to pay out to smaller amounts, then keep the 'change' and repeat multiple times a day. sometimes doing this even in the same block. without even having any script/code to plan out a proper spending protocol of one tx per block of multiple outputs in one go
take this example
it shows one user has ~37btc. and instead of spending that 37btc once. it spend it and gets back 36.93.. then spends again and gets back 36.90 then spends again and gets back 36.79 ALL IN THE SAME BLOCK..
silly devs allow spending of non confirmed tx's to be put in blocks. devs actually allow spam like tis to occur.
nodes/wallets should be set to only use confirmed tx's as the input. but the crappy RBF feature has made that safety check of only spending confirmed funds unachievable
rant over
exchanges swapping and cutting up their cold/hotwallets.. yep
for newbies:
the stats do not mean that all coins in circulation are in play and all moved. it means that exchanges do as the example below shows
exchange 10,000btc -> exchange 9,999
-> user 1btc
exchange 9,999btc -> exchange 9,998
-> user 1btc
transactions like this does not represent on the stats as just 1btc moving per tx. but 10,000 per tx, meaning the example shows 19,999 moved. even though the exchange has only handed out 2btc.
exchanges do this all the time. use large hoards of funds to pay out to smaller amounts, then keep the 'change' and repeat multiple times a day. sometimes doing this even in the same block. without even having any script/code to plan out a proper spending protocol of one tx per block of multiple outputs in one go
take this example
it shows one user has ~37btc. and instead of spending that 37btc once. it spend it and gets back 36.93.. then spends again and gets back 36.90 then spends again and gets back 36.79 ALL IN THE SAME BLOCK..
silly devs allow spending of non confirmed tx's to be put in blocks. devs actually allow spam like tis to occur.
nodes/wallets should be set to only use confirmed tx's as the input. but the crappy RBF feature has made that safety check of only spending confirmed funds unachievable
rant over
creating new wallet storage every time a bitcoin is moved for the remaining amount, the wallets are created completely offline and unused, however the wallet private key that the spend was made from has propagated through the network and could potentially be hacked,
Ok, it has already been determined that you are not reading the data correctly, but the responses is helping other people to understand that the amount of bitcoins being transferred between addresses are not a true reflection of the amount of transactions that was done.
I can for example send 400 bitcoins to 400 different Bitcoin addresses in one day, but it will still only be 400 bitcoins that was send from one Bitcoin address to the next. Also, some exchanges move large amounts of coins into and out of cold storage and that would inflate the transaction volume, even though that was not an actual transaction that was done.
I can for example send 400 bitcoins to 400 different Bitcoin addresses in one day, but it will still only be 400 bitcoins that was send from one Bitcoin address to the next. Also, some exchanges move large amounts of coins into and out of cold storage and that would inflate the transaction volume, even though that was not an actual transaction that was done.
Understanding better now what the indicator tells us after reading through the replies, what still bugs me is that the historical chart for Bitcoin sent in USD has no spike similar to this one, be it on a short term based char like six months, or taking into account the complete history:
https://bitinfocharts.com/comparison/bitcoin-sentinusd.html#6m
https://bitinfocharts.com/comparison/bitcoin-sentinusd.html
Last 24 hour’s reading is more than four times higher than the highest prior reading from July 2019, which is an astronomical increment.
https://bitinfocharts.com/comparison/bitcoin-sentinusd.html#6m
https://bitinfocharts.com/comparison/bitcoin-sentinusd.html
Last 24 hour’s reading is more than four times higher than the highest prior reading from July 2019, which is an astronomical increment.
I'd be interested to know what the deal with this is as well, so subbed.
the "deal" is that there is nothing new about this. a ton of money has always been transferred using bitcoin for a long time.
for example from time to time when the fees come back down, exchanges and services start consolidating some of their UTXOs, usually back to cold storage. there is nothing odd about it apart from the fact that they usually do it in weekends and we are nearly mid week now.
you can see these transactions here:
blocks: https://blockchair.com/bitcoin/blocks?q=time(2019-08-19..)&s=output_total(desc)#
transactions: https://blockchair.com/bitcoin/transactions?q=time(2019-08-19..)&s=output_total(desc)#
I really don't watch this but it did seem out of proportion, but if its normal then thanks.
not exactly "normal", it is still a big spike in the amount transferred compares to previous days and what has been going on during the month. but at the same time it is not that rare either since we have had days that we had similar spikes due to a lot of activities. they can also be price related and the recent dip below the major support line could be it.
Cool, thx for the elaboration.
I'd be interested to know what the deal with this is as well, so subbed.
the "deal" is that there is nothing new about this. a ton of money has always been transferred using bitcoin for a long time.
for example from time to time when the fees come back down, exchanges and services start consolidating some of their UTXOs, usually back to cold storage. there is nothing odd about it apart from the fact that they usually do it in weekends and we are nearly mid week now.
you can see these transactions here:
blocks: https://blockchair.com/bitcoin/blocks?q=time(2019-08-19..)&s=output_total(desc)#
transactions: https://blockchair.com/bitcoin/transactions?q=time(2019-08-19..)&s=output_total(desc)#
I really don't watch this but it did seem out of proportion, but if its normal then thanks.
not exactly "normal", it is still a big spike in the amount transferred compares to previous days and what has been going on during the month. but at the same time it is not that rare either since we have had days that we had similar spikes due to a lot of activities. they can also be price related and the recent dip below the major support line could be it.
I'd be interested to know what the deal with this is as well, so subbed.
the "deal" is that there is nothing new about this. a ton of money has always been transferred using bitcoin for a long time.
for example from time to time when the fees come back down, exchanges and services start consolidating some of their UTXOs, usually back to cold storage. there is nothing odd about it apart from the fact that they usually do it in weekends and we are nearly mid week now.
you can see these transactions here:
blocks: https://blockchair.com/bitcoin/blocks?q=time(2019-08-19..)&s=output_total(desc)#
transactions: https://blockchair.com/bitcoin/transactions?q=time(2019-08-19..)&s=output_total(desc)#
I really don't watch this but it did seem out of proportion, but if its normal then thanks.
I'd be interested to know what the deal with this is as well, so subbed.
the "deal" is that there is nothing new about this. a ton of money has always been transferred using bitcoin for a long time.
for example from time to time when the fees come back down, exchanges and services start consolidating some of their UTXOs, usually back to cold storage. there is nothing odd about it apart from the fact that they usually do it in weekends and we are nearly mid week now.
you can see these transactions here:
blocks: https://blockchair.com/bitcoin/blocks?q=time(2019-08-19..)&s=output_total(desc)#
transactions: https://blockchair.com/bitcoin/transactions?q=time(2019-08-19..)&s=output_total(desc)#
whales? nah...
exchanges swapping and cutting up their cold/hotwallets.. yep
for newbies:
the stats do not mean that all coins in circulation are in play and all moved. it means that exchanges do as the example below shows
exchange 10,000btc -> exchange 9,999
-> user 1btc
exchange 9,999btc -> exchange 9,998
-> user 1btc
transactions like this does not represent on the stats as just 1btc moving per tx. but 10,000 per tx, meaning the example shows 19,999 moved. even though the exchange has only handed out 2btc.
exchanges do this all the time. use large hoards of funds to pay out to smaller amounts, then keep the 'change' and repeat multiple times a day. sometimes doing this even in the same block. without even having any script/code to plan out a proper spending protocol of one tx per block of multiple outputs in one go
take this example
it shows one user has ~37btc. and instead of spending that 37btc once. it spend it and gets back 36.93.. then spends again and gets back 36.90 then spends again and gets back 36.79 ALL IN THE SAME BLOCK..
silly devs allow spending of non confirmed tx's to be put in blocks. devs actually allow spam like tis to occur.
nodes/wallets should be set to only use confirmed tx's as the input. but the crappy RBF feature has made that safety check of only spending confirmed funds unachievable
rant over
exchanges swapping and cutting up their cold/hotwallets.. yep
for newbies:
the stats do not mean that all coins in circulation are in play and all moved. it means that exchanges do as the example below shows
exchange 10,000btc -> exchange 9,999
-> user 1btc
exchange 9,999btc -> exchange 9,998
-> user 1btc
transactions like this does not represent on the stats as just 1btc moving per tx. but 10,000 per tx, meaning the example shows 19,999 moved. even though the exchange has only handed out 2btc.
exchanges do this all the time. use large hoards of funds to pay out to smaller amounts, then keep the 'change' and repeat multiple times a day. sometimes doing this even in the same block. without even having any script/code to plan out a proper spending protocol of one tx per block of multiple outputs in one go
take this example
it shows one user has ~37btc. and instead of spending that 37btc once. it spend it and gets back 36.93.. then spends again and gets back 36.90 then spends again and gets back 36.79 ALL IN THE SAME BLOCK..
silly devs allow spending of non confirmed tx's to be put in blocks. devs actually allow spam like tis to occur.
nodes/wallets should be set to only use confirmed tx's as the input. but the crappy RBF feature has made that safety check of only spending confirmed funds unachievable
rant over
I'd be interested to know what the deal with this is as well, so subbed.
Pretty interesting, I've personally never really thought about how much BTC has been moved per day, and always estimated it at around a million BTC moved a day, nowhere near the amount that you guys are saying.
24M BTC doesn't seem that far-fetched though, although if you divide that by 300,000 transactions means that the average transaction is around 80 BTC..? This doesn't seem very accurate, considering 80 BTC is almost a million USD.
I'd assume a majority of the 24M BTC are whales moving BTC from their wallets, I don't think a lot of people would just move 80 BTC in a day.
24M BTC doesn't seem that far-fetched though, although if you divide that by 300,000 transactions means that the average transaction is around 80 BTC..? This doesn't seem very accurate, considering 80 BTC is almost a million USD.
I'd assume a majority of the 24M BTC are whales moving BTC from their wallets, I don't think a lot of people would just move 80 BTC in a day.
blockchain.com displays similar data, could it be some whales are moving around their coins?
both are showing similar number ~24M BTC output volume with ~300k transactions
though I don't understand the difference of output volume and transaction volume on blockchain.com data
both are showing similar number ~24M BTC output volume with ~300k transactions
though I don't understand the difference of output volume and transaction volume on blockchain.com data
Quote from: https://bitinfocharts.com/bitcoin/
Transactions last 24h
(Number of transactions in blockchain per day) 303,243
Transactions avg. per hour 12,635
Bitcoins sent last 24h 24,388,961 BTC ($245,164,591,279 USD) 136.33% market cap
Bitcoins sent avg. per hour (last 24h) 1,016,207 BTC ($10,215,191,303 USD)
(Number of transactions in blockchain per day) 303,243
Transactions avg. per hour 12,635
Bitcoins sent last 24h 24,388,961 BTC ($245,164,591,279 USD) 136.33% market cap
Bitcoins sent avg. per hour (last 24h) 1,016,207 BTC ($10,215,191,303 USD)
Quote from: https://www.blockchain.com/en/stats
Bitcoin Stats
Summary of bitcoin statistics for the previous 24 hour period.
TRANSACTION SUMMARY
Total Transaction Fees (BTC) 51.67894719 BTC
Number of Transactions 303,378
Total Output Volume (BTC) 24,390,648.85604316 BTC
Estimated Transaction Volume (BTC) 103,472.11855245 BTC
Estimated Transaction Volume (USD) $1,041,314,428.92
Summary of bitcoin statistics for the previous 24 hour period.
TRANSACTION SUMMARY
Total Transaction Fees (BTC) 51.67894719 BTC
Number of Transactions 303,378
Total Output Volume (BTC) 24,390,648.85604316 BTC
Estimated Transaction Volume (BTC) 103,472.11855245 BTC
Estimated Transaction Volume (USD) $1,041,314,428.92
I just bookmarked the link. In the past five years I have known Bitcoin, I have never thought how many Bitcoin transactions per day lol. I only see the volume as a benchmark. trading. This is very interesting of course for me. 22 million total transactions per day is very good.
Interesting... Looks like a mistake to me as well, since it is an ATH of Bitcoins sent if that's true. But I cannot come up with a way to check it since according to the same website 100 largest transactions of the last 24h make only 3.25%... And there don't seem to be press-releases about this. I've never used this website before, but I checked the value of the website and it's estimated to make $37k monthly revenue and have 70k daily visits, so seems rather solid. It's weird that they did not fix it if it's an error and that nobody wrote explanations of this phenomenon. Let's wait for tomorrow and see if there is an update on this situation.
that is not unusual when the price is volatile again and specially when it goes below a support line making it a very favorable price for investors to start buying it up.
the value (22 million bitcoin) doesn't seem correct though. i think you might be looking at the value in USD not BTC. and that is not the recent record either. blockchain.info shows peak at $4 billion last month:
https://www.blockchain.com/charts/estimated-transaction-volume-usd?timespan=180days
the value (22 million bitcoin) doesn't seem correct though. i think you might be looking at the value in USD not BTC. and that is not the recent record either. blockchain.info shows peak at $4 billion last month:
https://www.blockchain.com/charts/estimated-transaction-volume-usd?timespan=180days
CMC shows 1,806,376 BTC
i don't know about other links but coinmarketcap.com doesn't show how much bitcoin was transferred! it shows daily trading volume. 
https://bitinfocharts.com/bitcoin/
if you go on "bitcoin sent last 24h" you will notice that almost 22 million btc have been moved in the last 24h! this does not mean that any btc have been created since the same btc can be moved back and forward several times .
anyway i think that this is unusual as shown in the chart.
if anyone could make a little pyton script to check if there is something abnormal going on in the blockchain would be cool!
any thoughts?
if you go on "bitcoin sent last 24h" you will notice that almost 22 million btc have been moved in the last 24h! this does not mean that any btc have been created since the same btc can be moved back and forward several times .
anyway i think that this is unusual as shown in the chart.
if anyone could make a little pyton script to check if there is something abnormal going on in the blockchain would be cool!
any thoughts?
Sorry, I've misread it. I looked at traded volumes, check @BrewMaster post.
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