The research company Chainalysis has released a report on the state of the bitcoin network, which States that 36% of BTC is lost in circulation, 22% is used by speculators, and investors ' assets are 30%.
(https://coinman.co/wp-content/uploads/2017/11/BTC-ALT-1.png)
Chainalysis Report
Chainalysis recently updated its annual bitcoin money supply survey (BTC), from spring 2017 to spring 2018. The initial results of this period read:
Long-term investors sold about $24 billion worth of bitcoins to new speculators between December 2017 and April 2018, with half of this activity occurring in December. This unprecedented infusion of liquidity was a fundamental factor in the price decline over the same period.
The latest data, however, include data for August and conclude that " bitcoin investors and speculators during the summer returned to their previous positions."
Chainalysis have combined their existing knowledge about the network activity with the previous work on the assessment of funds. It is interesting that analysts use the tactics and methodology of evaluation used by the Federal reserve, the Central Bank of the United States. "The Federal reserve," the researchers note, " tracks various us dollar monetary supply measures and their relationship to important economic variables, including GDP growth and inflation."
The nascent crypto-economy is often considered unclear as it is difficult to control in any effective way. This is largely due to the heavy mathematical nature of cryptocurrencies. Chainalysis believes that one of the key factors of space growth is data coverage:
For emerging financial systems such as the crypto economy, understanding the underlying economic signals is a key factor in enabling participants to make more informed decisions. People are just less likely to stay in a market that seems random and hype-based to them. If we can identify and control clear signals, and these signals are logical, more people will feel comfortable and continue to invest. That's where data can play an important role.
The maturation of the market
Chainalysis calculates so many data sets at once that it can easily determine which wallet addresses belong to investors and which speculators, and even name the number of coins lost.
Speculators in the crypto market are determined by liquidity and"transaction services". Non-viable coins, not yet found or simply lost or held, offer a stark contrast by which researchers can "classify the money supply into monetary aggregates known as M0, the most liquid category, M3, and the least liquid."
Previous research showed dumping from new speculators and investors (long-term investors sold bitcoin worth $ 30 billion), which, of course, led to the collapse of prices at the end of 2017.
However, several things have changed over time. The company, given the changes last month, writes:
There is a noticeable stability in each of the monetary aggregates. All monetary aggregates were extremely stable during the summer months. In particular, the number of bitcoins held for speculation remained stable between may and August, and this figure was about 22% of the total number of bitcoins available. Similarly, the number of bitcoins held for investment remained stable during the summer, at around 30%.
The crypto market seems to be maturing, intensifying as weak players leave it during times of strong change. Indeed, the researchers emphasize:"the market seems to be recalibrated after introducing so many new market participants with different beliefs and expectations than those who held bitcoin until 2017."
Link to the source of information (Russian) - https://altstake.io/news/btc-36-poteryany-v-obraschenii-22-u-spekulyantov-30-u-investorov