Chart of the Day
A large amount of BTC, worth more than $10 million, changed hands on Saturday, which made up 80% of the on-chain transfer volume on that day. Neither exchange nor OTC desk volume was able to match the number. Changes in the entity-adjusted volume suggest that these tokens might be shuffled between wallets belonging to the same entity — making one wonder what strong hands are up to. Meanwhile, on Sunday, the Bitcoin reserve across exchanges has plunged to a three-year low, alongside the volume of bitcoins that are younger than 1 month, which hit an all-time low of less than 7% of the circulating volume. This means that despite the current market condition, HODL mentality prevails as young coins gradually mature and old coins remain unspent. We’ll leave it to you to decide what that means.
Talk of the Town
Cardano’s network update, Alonzo, is now live, ushering in a new era for the open-source public blockchain by adding smart contract capabilities. Public opinion has swayed the price of ADA in both directions throughout the rollout — the testnet launch on Sept. 2 built anticipation for the actual upgrade and in turn, buoyed ADA above $3, a new all-time high. However, the price fell below $2.60 amid criticism of the network’s capability to process concurrent transactions. At the time of writing, the price of ADA is still pretty much range-bound, and it could take at least a few months before Cardano is able to pose real threats to Ethereum.