Chainalysis, an investment by the US FBI, recently published a report.

According to this report, the number of active addresses with a global wallet balance greater than zero has now exceeded the 400 million mark for the first time:

It is generally believed that active users on the chain are already experienced crypto users. Judging from the curve, the number of active addresses on the chain is also growing exponentially.

The number of transactions on the chain has also grown along with the addresses on the chain. Now, on average, each address transactions 10 times a month, which is quite frequent.

Many people may think that transactions in these on-chain wallets are mainly about meme currency speculation.

But it’s not actually:

The most important on-chain transfer behavior is to transfer stablecoins, which accounts for all on-chain transfer funds. half of.

This trend is related to the increasing popularity of crypto payments, with many services now gradually accepting cryptocurrencies.

Alts (other tokens) represented by meme speculation account for no more than 25% of transactions on the chain, which is even lower than the proportion in 2021.

Considering that there will be a large number of morons and project parties in Alts, memes may account for less than 10% of the transaction volume of the entire chain

At the same time, the performance of the Bitcoin spot ETF was much better than that of the gold spot ETF over the same period, with net inflows exceeding US$15 billion in the first 240 trading days.

Considering that the US gold spot ETF was approved in 2004, it was 20 years early. Considering that U.S. GDP has only increased 2.4 times compared to 20 years ago, the Bitcoin spot ETF will outperform the gold ETF even if the level of economic development is taken into account.

There are now two peak inflow periods for Bitcoin spot ETFs: the Bitcoin halving market in March and the general election market in November.

These two time periods coincide with the two main periods of Bitcoin’s surge this year. It can be said that he is the largest buyer of Bitcoin’s rise this year.

Although the scale of assets on the chain is getting larger and larger, the trends of another asset type that everyone is paying attention to: real world assets (RWA) are becoming more and more extreme.

RWA’s current on-chain assets are mainly stablecoins USDT and USDC issued by Tether and Circle. Other types of on-chain assets are almost extinct from the data.

The total size of RWA assets now is not even as good as the peak in 2022.

Defi also performed unsatisfactorily. Various defi assets did not surpass the defisumer peak as the activity on the chain increased.

So I will show this picture again. Please look at it carefully. The main conclusions are:

1. Bitcoin’s on-chain activity is quite stable, and there will be a market for BTCFi in the future

2. Ethereum’s on-chain activity is almost extinct, and now it is estimated that centralized exchanges are the most popular< /p>

3. Stablecoins are becoming more and more widely accepted, but Tether and Cir The monopoly pattern of cle giants is very obvious, and the others are all players who are trying to gain popularity

4. There are not as many meme scenes as imagined

Above~

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