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BTC - Transaction Volume (USD)
Description
The Bitcoin USD Transaction Volume shows the product of on-chain BTC volume and the BTC-USD spot market price, excluding coinbase transactions.
Bitcoin's USD Market Price is included for reference.
Pseudocode
for each block in blockchain:
tx_vol := block.btc_sum - block.coinbase_btc
tx_vol_usd = tx_vol * market_price_btc(block.time)
(x,y) := (block.time, tx_vol_usd)
for each hour in blockchain:
hr_tx_vol_usd := sum(blockchain[hr_start:hr_end].tx_vol_usd)
(x,y) := (hour, hr_tx_vol_usd)
for each day in blockchain:
day_tx_vol_usd := sum(blockchain[day_start:day_end].tx_vol_usd)
(x,y) := (day, day_tx_vol_usd)
Technical Info
This metric shows the flow of Bitcoins across the network, but priced in USD. Along with shifts in demand, significant events in the marketplace can show up as high volume periods. Note the spike around the Terra/LUNA collapse.
Off-chain activity such as exchange trades are not included here. Unless/until exchange transactions are reflected on-chain, they should be considered self-reported when assessing general market conditions; on-chain activity is more relevant to the Bitcoin market than any single exchange's reported trade activity.
Unadjusted network volumes are subject to significant intra-entity consolidation and noise. This metric should be used in conjunction with others to form meaningful conclusions.
- Hourly and daily aggregations are derived from block data using sum for this metric.
- Hourly data contains occasional gaps; no blocks were generated during these times.
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