I publish this again for general info.
Area plot is off-exchange transaction ratio, i.e. proportion of transactions recorded that did not take place via an exchange such as buying cup of coffee, peer-to-peer transfer etc.
Red line is on-exchange transaction ratio, i.e. proportion of transactions that were made on exchanges in other words trading!
Blue line is BTC price in US dollars.
The ratios should be a number between 0 and 1. Sometimes red line > 1 and sometimes area collapse < 0. These points represent poles in the data. Just interpret as almost all tx on or off exchange depending on ratio.
Area plot is off-exchange transaction ratio, i.e. proportion of transactions recorded that did not take place via an exchange such as buying cup of coffee, peer-to-peer transfer etc.
Red line is on-exchange transaction ratio, i.e. proportion of transactions that were made on exchanges in other words trading!
Blue line is BTC price in US dollars.
The ratios should be a number between 0 and 1. Sometimes red line > 1 and sometimes area collapse < 0. These points represent poles in the data. Just interpret as almost all tx on or off exchange depending on ratio.
Comment:
Interesting: less than 10% of transactions are currently trade-related. The remaining 90% on-chain. It looks like a lot of bitcoins are being moved from wallets.
This is the capitulation in progress.