Today, Nansen announced the launch of on-chain analysis on Bitcoin as well (Bitcoin Onchain Analytics).
This is the very first time that the AI-based blockchain analysis platform unlocks detailed and granular real-time information on Bitcoin’s on-chain activity.
This launch serves to fill an important gap in on-chain monitoring for the world’s leading cryptocurrency, at a time when Bitcoin continues to be influenced by growing macroeconomic and geopolitical tensions.
Summary
Nansen and Bitcoin
The Nansen platform already hosts a lot of information and on-chain analysis for many blockchains. However, the main one, Bitcoin, was still missing.
To tell the truth, the Bitcoin blockchain is not the one with the most transactions, so much so that compared to, for example, the 1.3 million daily transactions on Ethereum, Bitcoin stops at less than 0.5 million.
However, BTC is still by far the main cryptocurrency in the world by market capitalization, as it alone capitalizes almost six times ETH, and even almost two-thirds of the entire crypto market including stablecoins.
It was therefore inevitable that Nansen would eventually add to its platform detailed and granular real-time information on the on-chain activity of Bitcoin.
Nansen is a blockchain analytics platform that provides investors and institutions with on-chain data and actionable insights. By tracking millions of wallets across multiple blockchains, Nansen helps users identify opportunities, detect emerging trends, and make data-driven decisions in the crypto space.
The launch Nansen Chain Growth for Bitcoin
The company announced that it has made BTC activity available on the Chain Growth dashboard.
Now therefore on their platform, you can monitor active addresses, transactions, fees, and main entities, and you can analyze who is actually using Bitcoin.
Furthermore, it also announced that Token God Mode and Nansen Profiler for Bitcoin are on the way, to analyze even more deeply the wallets, flows, and behavior patterns.
Some of the first information that emerged in the last 24 hours from the Nansen Bitcoin dashboard are the number of active addresses (462,390), with a decrease of 16.82% suggesting a slowdown in network activity, and the number of transactions in BTC (453,600), with an increase of 42.33% indicating a constant demand for space in the blocks.
Among the largest entities active on-chain on Bitcoin, Binance has been found to dominate with 40.68% of the monitored transaction activity, followed by Bybit (23.36%) and OKX (18.88%). Robinhood also stands out with its 8.72%, emerging as a key custodian of Bitcoin.
One of the emerging trends is significant transaction spikes between April and June 2024, likely driven by major market events, institutional moves, or changes in miner behavior.
The Nansen dashboard on Bitcoin
The Nansen dashboard on Bitcoin (Bitcoin Growth Dashboard) reveals, for example, who is moving BTC (exchange, institutions, whales), bringing clarity to market movements.
Furthermore, it allows investors to monitor liquidity, supply changes, and sentiment before they affect price trends in real time.
The company states that, until now, the Bitcoin blockchain has never had such transparency at the entity level, as was already existing on Ethereum and other blockchains. In fact, it states that this expansion marks a crucial moment in cryptocurrency analysis, bringing to Bitcoin the same depth of data that Nansen users have relied on for Ethereum and other blockchains. Furthermore, they claim that, historically, Bitcoin has lacked high-quality and user-friendly onchain tracking tools.
The fact is that most of the existing tools rely on outdated address labeling and fragmented data, or require advanced technical skills to extract meaningful information. Nansen, on the other hand, promises to solve these problems with its new dashboard on BTC.
The comment
The CEO of Nansen, Alex Svanevik, stated:
“Bitcoin is the most important asset in cryptocurrencies, and we are excited to finally bring Nansen’s industry-leading analysis to BTC. With our platform, users can now track Bitcoin’s key onchain metrics with the same level of detail and accuracy they expect from Nansen”.
The official press release also reveals that in the coming weeks Nansen will launch Token God Mode and Nansen Profiler for Bitcoin, to offer more in-depth insights into wallet behaviors, transaction flows, and market trends.
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