The past couple of days have seen the Bitcoin network go through a huge spike in transaction output activity, reaching almost 25 million BTC on Aug. 21.
Data from TokenAnalyst showed that this could be explained by a sudden rise in the number of addresses sending funds to themselves, with a single Bitcoin address at the heart of it.
Bitcoin network sees the highest transaction output activity ever.
The total value of transactions on the Bitcoin network has been painting a much different picture.
Namely, Bitcoin saw a sudden spike in the total value of transaction output, reaching the highest level in the past two years.
This is the second-highest transaction output in Bitcoin's history, as Jan. 24, 2016 saw the highest ever total value of transactions - 38.4 million BTC. Large spikes in activity often happening before a significant price move, both upwards and downwards.
Data from TokenAnalyst showed that the spike in the total value of transaction correlates to an equally significant spike in change volume.
Change volume, or change related volume, is a term used to describe transactions where Bitcoin addresses send funds to themselves.
The Bitcoin UTXO model is to blame for this, as it generates another transfer of "Change" back to a wallet after each transaction.
Addresses sending funds to themselves is the primary cause with 3AQ4kUjQaDjCjmDh2ojKEHjUKTSi52UUqD at the center of it.
Addresses sending funds to themselves cause total output value for Bitcoin to skyrocket
gepubliceerd op Aug 25, 2019
by Cryptoslate | gepubliceerd op Coinage
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