2022 Bitcoin Data Review: Coin price fell by 65%, on-chain activity decreased

In 2022, affected by the global liquidity tightening, Bitcoin ended the bull market of the previous two years and entered a volatile downward bear market. This article reviews the major data changes of Bitcoin this year from the perspectives of the trading market, on-chain fundamentals, chip and address structure, mining, and usability.

Trading Market

• The price of Bitcoin fell from around $47,700 at the beginning of the year to about $16,600 by the end of the year, a decrease of approximately 65.09%. Throughout the year, there were 6 instances of daily falls exceeding 10% termed as “big dump”.
• The exchange’s Bitcoin supply has decreased by 533,700 coins, a drop of approximately 20.20%.
• After October, the market estimates that the leverage ratio will fall from a high of 40.47% to around 28.05%.
• Institutional Bitcoin holdings have moderately decreased by 4.54%, and the OTC premium rate has fallen to -44%.

on-chain fundamentals

• The average monthly active addresses are approximately 27.82 million, a year-on-year decrease of 7.67%.
• The total number of new addresses for the year is 141 million, a year-on-year decrease of 9.50%.
• Cumulative transaction count 88.99 million times, a year-on-year decrease of 4.13%.
• The total transaction volume is approximately 1.256 billion BTC, a year-on-year increase of 36.37%.
• The cumulative on-chain transaction fees are approximately 137 million USD, showing a clear downward trend.

Chip and Address Structure

• The average share of profitable chips is 60.50%, showing a downward trend throughout the year.
• The holding ratio of the top 100 addresses by balance first increased and then decreased, rising from 15.03% to 15.81% before dropping to 14.82%.
• The number of small addresses has increased significantly, with a noticeable rise in addresses holding less than 10 BTC.
• The proportion of chips held for 1-2 years has grown the most, reaching 20.37%.

Mining Situation

• The average daily hash rate is approximately 218.5 EH/s, with an annual increase of 11.21%.
• Daily mining revenue per T of computing power fell from $0.25 to $0.06, a drop of 76%.
• The miner position index ( MPI ) has an average of -0.52, indicating overall low selling pressure.

Application Ecosystem

• The number of Lightning Network channels has decreased by 18.53%, while the funding capacity has increased by 46.19%.
• The supply of WBTC decreased from 258,100 to 194,900, with a fall of 24.48%.

Overall, Bitcoin experienced significant fluctuations in the market, users, mining, and other areas in 2022, but its fundamentals remained relatively stable. The future development of Bitcoin is still worth continuous attention.