16 Charts to Understand Bitcoin This Year: Over 140 Million New Addresses, Average Profitability Ratio is 60.50%

In 2022, affected by the tightening of global liquidity, Bitcoin ended a two-year upward trend and entered a volatile downward bear market. The price of Bitcoin fell below the $20,000 mark, and problems arose in leading platforms, which severely undermined market confidence. This article will comprehensively review the data changes in this year's Bitcoin in five major aspects: trading market, on-chain fundamentals, chip and address structure, mining, and applicability, providing an analytical basis for the outlook for the coming year.

Summary

1. Trading Market

1)BTC's annual decline exceeded 65%, showing a "step-like" downward trend.

The exchange's BTC supply has decreased by approximately 533,700 coins, a drop of 20.20%.

3)10 After mid-October, the market estimates that the leverage ratio will drop from a maximum of 40.47% to around 28.05%.

4. Institutions' BTC holdings have moderately decreased by 4.54%, and the off-exchange premium rate has fallen to -44%.

2. On-chain fundamentals

The number of on-chain users ) has明显下降 compared to last year, but remains relatively stable amidst market fluctuations.

In 2), the total trading volume for the year was 88.99 million transactions, a decrease of 4.13% year-on-year, but the total trading amount was 1.256 billion BTC, an increase of 36.37% year-on-year.

The cumulative on-chain transaction fees for 3) is approximately 137 million USD, with an average daily transaction fee of 1.53 USD, both showing a downward trend.

3. Chip and Address Structure

1. Profit chip occupation ratio average 60.50%, with an average of 40% of chips in a loss state.

The "whale" Address chip concentration first rises and then falls. The general user assets show a trend of small amounts and polarization of holding periods.

4. Mining

The average daily computing power is about 218.5 EH/s, with an annual growth of 11.21%.

The mining profit margin of 2) has been squeezed, with daily mining revenue per T has dropped to $0.06, a decline of 76% for the year.

5. Applicability

The number of Lightning Network channels has decreased by 18.53%, the circulating supply of WBTC has decreased by 24.48%, and the connectivity of the Bitcoin ecosystem to other systems has declined.

) 01. The price of the coin has fallen sharply, and the stock of the exchange has noticeably decreased.

In 2022, the price of BTC fell from about $47,700 at the beginning of the year to around $16,600 at the end of the year, a drop of 65.09%. There were 6 instances throughout the year of a daily drop exceeding 10%, with 2 occurrences in November alone. BTC exhibited a "stair-step" decline, with significant drops typically occurring within the day, followed by a brief period of stability before dropping again.

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The exchange's BTC supply decreased from 2.6423 million coins to 2.1086 million coins, a drop of 20.20%. About 240,000 BTC was reduced within 11 days after the FTX incident. The market estimates that the leverage rate first rose then fell, reaching a peak of 40.47% in mid-October and dropping to 28.05% a month later.

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The institutional holdings decreased by 32,900 BTC throughout the year, a decline of 4.54%. The over-the-counter premium rate fell from -20.74% in January to -44.12% in December, a drop of 112.73%, reflecting a decrease in indirect investment demand.

( 02, the number of on-chain users is declining, while the total transaction amount is increasing.

In 2022, the average monthly active Addresses for Bitcoin was approximately 27.82 million, a year-on-year decrease of 7.67%. The daily average active Addresses was 916,500, a year-on-year decrease of 7.70%. As of December 15, the total new Addresses for the year was 141 million, a year-on-year decrease of 9.50%.

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The total number of transactions for the year reached 88.99 million, a decrease of 4.13% year-on-year. However, the total transaction amount was approximately 1.256 billion BTC, an increase of 36.37% year-on-year. The average monthly transaction amount in the first half of the year was 135 million BTC, significantly higher than the 86.96 million BTC in the second half.

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The average daily on-chain transaction fee is $1.53, showing a downward trend. The total on-chain transaction fees amount to approximately $137 million, with an average of $12.04 million over the past 11 months. In May, it reached a peak of $16.17 million, while in October, it dropped to about $7.48 million.

( 03. The chip structure has changed significantly, with a notable increase in small addresses.

In 2022, the average proportion of profitable Bitcoin chips was 60.50%, while the daily average of 40% of the chips were in a state of loss throughout the year. The proportion of profitable chips dropped from 74.54% at the beginning of the year to 55.77% at the end. After the FTX incident, it remained below 50% for a long time.

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The total balance proportion of the top 100 addresses has risen from 15.03% at the beginning of the year to 15.81% by mid-June, and then dropped to 14.82% by the end of the year. The number of small addresses has significantly increased, expanding the range to below 10 BTC. The number of addresses with a balance greater than 0.01 BTC increased by 20.55%, those greater than 0.1 BTC increased by 26.08%, and those greater than 1 BTC increased by 19.04%.

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The proportion of chips held for 1-2 years has increased the most, reaching 20.37%. The number of short-term and ultra-long-term holding addresses has also increased. Overall, there is a trend of polarization in terms of small amounts and holding periods.

( 04. The computing power continues to grow, while the unit revenue has significantly decreased.

In 2022, the Bitcoin mining difficulty was increased 15 times and decreased 10 times. Overall, the increase was greater than the decrease. The average daily hash rate was approximately 218.5 EH/s, with an annual growth of 11.21%. The estimated annual power consumption was around 113.83 TW/h.

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The decline in coin prices coincides with the increase in computing power, squeezing the profitability of mining. Daily mining revenue per T of computing power has fallen from $0.25 to $0.06, a decrease of 76%. Since September, it has remained below $0.1.

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Miner Position Index ( MPI ) annual average -0.52, less than 0, indicating relatively low selling pressure. However, there were four periods of significant selling pressure at the end of March, early April, mid-June, and mid-November.

( 05. The development of the Lightning Network and WBTC is hindered.

The number of Lightning Network channels decreased from 83,000 to 67,700, a decline of 18.53%. It rapidly decreased significantly after mid-October. The funding capacity first increased and then decreased, with an annual growth of 46.19%, maintaining around 4760 BTC at the end of the year.

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The total amount of WBTC first increased and then decreased, rising from 258,100 to 285,000 and then dropping to 194,900, with an annual decline of 24.48%. In late November, there was a brief decoupling. The decrease in the number of WBTC reflects the reduced connectivity between Bitcoin and other DeFi ecosystems.

![16 images to understand Bitcoin this year: over 140 million new Addresses, average profit chip ratio is 60.50%])https://img-cdn.gateio.im/webp-social/moments-4c02946ee37170ee29297bec388cf3d7.webp###