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Introduction

Introduction

Chainalysis Market Intel provides the unique insights you need to make cryptocurrency research and investment decisions.

Market Intel is built on the Chainalysis data set, which means you get industry-leading accuracy and coverage of cryptocurrency activity. Chainalysis traces all the funds flowing on the blockchain and tracks the cryptocurrency activity of over 2,000 businesses. This translates into intelligence on over 90% of the cryptocurrencies traded on the market. Our data is trusted by hundreds of customers who use it every day to make research, investment, compliance, and law enforcement decisions.

We provide on-chain data, that is the transfer of cryptocurrency recorded on the blockchain. We structure on-chain data, by combining it with our own proprietary data and techniques, to show how cryptocurrency is transferred and held by real world entities. This means our metrics describe tangible, real world activity rather than technical blockchain metrics.

As all transfers are recorded on the blockchain in real time, on-chain data, once mapped to real world entities, is a powerful dataset. It is a complete and real time description of how cryptocurrency is being used and held. This offers new ways to value cryptocurrencies, and understand the market and the broader crypto-economy, as we can see how assets move in response, or to cause, events. This is impossible to do in the traditional economy.

Subscriptions

Chainalysis Market Intel is available via a data subscription, delivered via API and CSV flat files.

We offer three subscriptions:

To learn more and purchase a subscription please contact us at marketintel@chainalysis.com.

You can also view a selection of our metrics at https://markets.chainalysis.com.

Definitions

General definitions

Some general terms benefit from definition:

Assets

Our Core subscription includes metrics for the following assets:

Our Advanced subscription includes metrics for the assets in our Core subscription, plus metrics for the following assets:

Metrics for Tether are for Tether on the Bitcoin Omni Layer and on Ethereum.

A limited number of metrics are only available for specific assets. When this is the case it is described in the notes of the metric.

If you are interested in metrics for other assets, please make a request to marketintel@chainalysis.com.

Entity categories

Entities are people (who are anonymous) and services (which are mostly identified). Services are essentially businesses, such as an exchange or an online shop, but can include entities that are not traditional businesses, such as a smart contract.

Entities are grouped into the following categories, depending on whether they are people, so self-host their cryptocurrency activity in a personal wallet, or services, in which case they are categorised by their type of business:

Entity plus exchange category Definition
crypto-to-crypto exchanges Venues for the trading of cryptocurrencies primarily for other cryptocurrencies, either via a central limit order book or peer-to-peer via a centralised escrow.
crypto-to-fiat exchanges Venues for the trading of cryptocurrencies primarily for fiat, either via a central limit order book or peer-to-peer via a centralised escrow.
derivatives-only exchanges Venues that only offer the trading of cryptocurrency derivatives via a central limit order book.
decentralized exchanges Venues for the trading of cryptocurrencies via automated smart contracts. Trades on a decentralized platform are peer-to-peer and have no third party or central authority other than the smart contract which executes the trades.
other exchanges All other exchanges not elsewhere classified.
defi Decentralized Finance represents smart contracts that facilitate financial intermediation of cryptocurrencies, for example lending or crowdfunding. Decentralized exchanges are included in the exchanges category.
generation Generation represents the issuance of new units of cryptocurrency, for example as mining rewards, the destination of fees, and the sink of units that are redeemed if an asset allows redemptions, as stablecoins do.
Mining pools are included in the generation category except for metrics specifically regarding Mining pools. Mining pools are services that enable individual miners to collectively deploy their resources, so that the pool mines assets more frequently but the reward is shared among the individual miners.
illicit entities Entities engaged in activity using cryptocurrency on the blockchain that is considered illicit in most jurisdictions. Illicit entities are further grouped, as described by Illicit entity categories, depending on the nature of illicit activity.
merchant services Merchant services are authorized financial services that enable businesses to accept payments on their customer’s behalf. They are also known as payment gateways or payment processors. These services allow merchants to accept cryptocurrency for invoicing and online or in-person payments. This often includes conversion to local fiat currency and settling funds to the merchant's bank account.
other named services All other services named by Chainalysis, including categories of business such as merchant services and gambling.
self-hosted Entities that are most likely controlled by people who self-host their cryptocurrency activity in a personal wallet.
unnamed services Entities that exhibit the characteristics of named services, so can be classified with reasonable certainty as a service, but where Chainalysis has not identified the real world business that controls the blockchain addresses of the entity. Unnamed services are currently only included for bitcoin and Ethereum.
protocol privacy Protocol privacy applies to the two shielded pools built into the Zcash blockchain.

Self-hosted entities are essentially all entities that have not been identified as services. Some entities included in the self-hosted entity data will be service entities that Chainalysis has not yet identified as services with certainty. This means that data on self-hosted entities is an upper bound while data on all other categories, defi, exchanges, etc., which are composed of services, is a lower bound.

Exchange categories

Exchanges are venues for the buying, selling, and trading of cryptocurrencies. Currently exchanges are the largest cryptocurrency businesses.

Exchanges are grouped into the following categories, depending on the type of assets that can be traded and whether trading is centralized or decentralized:

Exchange category Definition
all exchanges The total of all exchanges.
crypto-to-crypto exchanges Venues for the trading of cryptocurrencies primarily for other cryptocurrencies, either via a central limit order book or peer-to-peer via a centralised escrow.
crypto-to-fiat exchanges Venues for the trading of cryptocurrencies primarily for fiat, either via a central limit order book or peer-to-peer via a centralised escrow.
derivatives-only exchanges Venues that only offer the trading of cryptocurrency derivatives via a central limit order book.
decentralized exchanges Venues for the trading of cryptocurrencies via automated smart contracts. Trades on a decentralized platform are peer-to-peer and have no third party or central authority other than the smart contract which executes the trades.
other exchanges All other exchanges not elsewhere classified.

Illicit entity categories

Cryptocurrency is sometimes used by illicit entities. Currently, the largest illicit entities are darknet markets, scams, and stolen funds.

Illicit entities are grouped into the following categories, depending on the nature of the illicit activity:

Illicit entity category Definition
darknet markets Darknet markets are commercial websites that operate on the dark web, which can be accessed via anonymizing browsers or software such as Tor or I2P. These sites function as black markets by selling or advertising illicit goods and services such as drugs, fraud materials, and weapons, among others. Darknet markets use cryptocurrency payment systems, often with escrow services and feedback systems to help develop trust between the vendor and customer. Darknet markets have become more security conscious over the past few years due to multiple law enforcement shutdowns.
other illicit entities Illicit entities other than darknet markets, scams, and stolen funds. These include ransomware and providers of illicit goods and services on platforms other than darknet markets.
scams Scams can impersonate a variety of services, including exchanges, mixers, ICOs, and gambling sites. This category also encompasses scam emails, extortion emails, and fake investment services. They usually offer unrealistic returns on investment, many times trying to mask a pyramid scheme, or pretend to have incriminating personal data on the victim and ask for money in order to not disclose it.
stolen funds Stolen funds comprise instances of hacked exchanges and services. Attackers engage in sophisticated and persistent social engineering, and exploit pre-existing vulnerabilities to transfer funds from exchange hot wallets to their control. The payoff for actors can be enormous with single incidents often resulting in tens of millions of dollars in losses.

Regional categories

Cryptocurrency activity can be assigned to geographic regions by identifying the predominant location of the customers of a service. Chainalysis identifies this by combining analysis of transaction patterns, web traffic and Open Source Intelligence. Not all cryptocurrency activity can be assigned a region, and regional categories are currently provided for bitcoin only.

Regions follow the UNSD M49 standard.

The current regional categories used are:

Whale categories

A whale is an entity that has held a large amount of assets within its lifetime, that is not a service and is not a fast spent entity (so the entity has held a balance for more than a day).

The threshold for the amount of assets that must be held to be a whale varies across cryptocurrencies. The threshold depends on the price of the cryptocurrency at the end of the last calendar year and are described in the table below.

Price of asset at end of last year Threshold of assets held to be a whale
$10,000+ 1,000
$10-10,000 5,000
<$10 1,000,000

Whales are grouped into the following categories, depending on when the asset was created.

For assets that were created before 2014:

Whale category Definition
illiquid pre-2014 whales Whales that send ¼ to none of the assets they receive, on average over their lifetime, and first held a large amount of assets before 2014
illiquid 2014-2017 whales Whales that send ¼ to none of the assets they receive, on average over their lifetime, and first held a large amount of assets between 2014 and 2017
illiquid post-2017 whales Whales that send ¼ to none of the assets they receive, on average over their lifetime, and first held a large amount assets after 2017
liquid pre-2014 whales Whales that send all to ¼ of the assets they receive, on average over their lifetime, and first held a large amount assets before 2014
liquid 2014-2017 whales Whales that send all to ¼ of the assets they receive, on average over their lifetime, and first held a large amount assets between 2014 and 2017
liquid post-2017 whales Whales that send all to ¼ of the assets they receive, on average over their lifetime, and first held a large amount assets before 2017
quick spent whales Whales that hold assets for less than two weeks. This is regardless of their liquidity or the date they first held a large amount of the asset

For assets that were created after 2017:

Whale category Definition
illiquid pre-2017 whales Whales that send ¼ to none of the assets they receive, on average over their lifetime, and first held a large amount of assets before 2017
illiquid post-2017 whales Whales that send ¼ to none of the assets they receive, on average over their lifetime, and first held a large amount assets after 2017
liquid pre-2017 whales Whales that send all to ¼ of the assets they receive, on average over their lifetime, and first held a large amount assets before 2017
liquid post-2017 whales Whales that send all to ¼ of the assets they receive, on average over their lifetime, and first held a large amount assets before 2017
quick spent whales Whales that hold assets for less than two weeks. This is regardless of their liquidity or the date they first held a large amount of the asset

Whales are a different set of entities to entities with wealth above the same threshold in the Wealth metric. In the Wealth metric, entities belong to a wealth bin only when they hold assets within that bin within the time period. An entity belongs to the set of whales if they have ever held assets above the threshold.

So, for example, the Wealth metric group of entities that hold 1,000+ bitcoin gives data on entities that will be in the set of whales, but only gives data in time periods when these entities hold 1,000+ bitcoin. In contrast, metrics for whales give data on entities that have held 1,000+ bitcoin even if they do not hold 1,000+ bitcoin in the time period of the data.

Data delivery

Data structure

Data is delivered via API or CSV flat files delivered to your cloud storage bucket. The API provides the last 365 days of data rolling, while flat files provide the last 365 days of data rolling for Core subscribers, or data for the entire history of an asset since its genesis for Advanced subscribers.

Two Advanced subscription metrics, the Properties and Whale properties metrics, and all Per service metrics are only delivered via flat file. All Per service metrics are only for the last 365 days of data rolling.

Each Market Intel metric is a panel dataset. The panel is composed of dimensions, such as time and in some cases other dimensions such as category, and variables. Variables contain the data of the metric. That is to say each metric contains variables that have data by dimensions, such as over time and by category.

If no value is observed for an entry then the value of the entry is set to zero. That is to say the panel is balanced as empty entries are filled with zeroes. This is the case for all metrics except for the Properties, Whale properties, and Per service metrics, where zeroes are not filled to make delivery of these large datasets more efficient.

Each dimension and variable has a description. Variables also have a time aggregation. This describes the method that should be used to aggregate the variable across time periods.

Data vintages

Our data has vintages. This is because our knowledge of how to aggregate and attribute a blockchain improves over time. For example we attribute a service today, which identifies a set of addresses that have been active far in the past, or we may add new, or improve existing, aggregation algorithms, which aggregate addresses throughout the blockchain. These improvements can be significant as we add tens to hundreds of new services a week and are constantly developing our aggregation algorithms.

The consequence of this is that we may know more about what happens on a particular date at different points in time. For example on the 1 February 2018 we may know more about the entities on the blockchain on 1 January 2018 than we did on 2 January 2018. So as time progresses, we do not just add data for new dates, but we improve all historical data.

Therefore our data has vintages, depending on when it was observed. For example data about 1 January 2018 has a 2 January 2018 vintage and a 1 February 2018 vintage. Another way of describing this is to say that on-chain data is not append-only over time.

Due to this, we update the entire history of each metric every vintage. A new vintage is created with every new time period. For example daily metrics have a new vintage every day. We only provide the latest vintage. So you should always download the entire time series of a metric and not just append the latest time period, and you should analyse metrics from the same vintage.

Data latency

Currently we provide no guarantees on latency, the time elapsed between the end of a time period and the delivery of data about that time period. However, data for most metrics is typically delivered within 6 hours of 23:59:59Z of the time period. Data for more complex metrics is typically delivered within 24 hours of 23:59:59Z of the time period.

Flat file authentication

AWS S3

To set up permissions:

  1. Create a new bucket with a unique name, for example: chainalysis-markets-your-organisation-name
  2. Leave all properties on default, and select your preferred location
  3. After creating the bucket, navigate to its Permissions tab, Access control list (ACL) section and click Edit
  4. Under Access for other AWS accounts click Add Grantee
  5. Add grantee with our canonical ID: (provided by the customer success team), and check all the boxes: Objects: List, Write and Bucket ACL: Read, Write, then click Save changes
  6. Share the bucket name used in the first step with Chainalysis, and you are all set up

Other cloud providers

Please contact us at marketintel@chainalysis.com.

API authentication

To authorize, use this code:

# With shell, you can just pass the correct header with each request
curl "https://api.markets.chainalysis.com/v1/{category}/{metric}?asset={asset}"
  -H "token: 948cf07be9c989d637"

Make sure to replace 948cf07be9c989d637 with your API key.

The Market Intel API expects your API key to be included in all API requests to the server in a header that looks like the following:

Token: 948cf07be9c989d637

API errors

The Market Intel API uses the following error codes:

Error Code Meaning
400 Bad Request Your request is invalid.
401 Unauthorized Your API key is wrong.
403 Forbidden API endpoint unavailable for you.
429 Too Many Requests You've made too many requests.
500 Internal Server Error We had a problem with our server. Try again later.
503 Service Unavailable We're temporarily offline for maintenance. Please try again later.

Demand

How cryptocurrency is used. Our demand metrics describe how assets are sent and received between different types of users, businesses, and geographic regions.

Total flows

curl "https://api.markets.chainalysis.com/v1/demand/total-flows?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "source_category": "crypto-to-crypto exchanges",
    "destination_category": "crypto-to-crypto exchanges",
    "asset_amount": 9675.21,
    "usd_amount": 85048003.0
  },
  {
    "time": "2020-05-25",
    "source_category": "crypto-to-crypto exchanges",
    "destination_category": "crypto-to-fiat exchanges",
    "asset_amount": 9406.61,
    "usd_amount": 82655129.0
  }
]

Subscription:Core Subscription:Advanced Subscription:Premium

Relevance

People and businesses transfer assets on the blockchain for different use cases, for example to trade, invest, or purchase goods and services. These flows show the overall level of asset use and how assets flow between use cases. Most flows on the blockchain are assets in transit between services, moving via unknown entities.

Definition

The value of assets transferred on the blockchain between types of entity. Entities are businesses, such as exchanges, and transfers via unknown entities, such as self-hosted wallets, often in transit to services.

Dimensions

Dimension Description
time Daily time period
For weekly time period use total-flows-weekly
For monthly time period use total-flows-monthly
source_category Source entity
destination_category Destination entity

Variables

Variable Description Time aggregation
asset_amount Asset amount transferred between types of entity Use metric: total-flows-weekly or total-flows-monthly
usd_amount USD amount transferred between types of entity Use metric: total-flows-weekly or total-flows-monthly

Regional flows

curl "https://api.markets.chainalysis.com/v1/demand/regional-flows?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "source_category": "Eastern Asia",
    "destination_category": "Eastern Asia",
    "asset_amount": 148451.045,
    "usd_amount": 1299489357.5
  },
  {
    "time": "2020-05-25",
    "source_category": "Eastern Asia",
    "destination_category": "North America",
    "asset_amount": 5069.31,
    "usd_amount": 44537120.0
  }
]

Subscription:Core Subscription:Advanced Subscription:Premium

Relevance

Assets typically flow within a region, likely due to preferences for local exchanges, but flows between regions often occur as a result of regulatory concerns, geopolitical changes, or significant market price variations.

Definition

The value of assets transferred on the blockchain between services that Chainalysis has identified as predominantly serving customers in a particular region by combining analysis of transaction patterns, web traffic and Open Source Intelligence.

Dimensions

Dimension Description
time Daily time period
source_category Source region
destination_category Destination region

Variables

Variable Description Time aggregation
asset_amount Asset amount transferred between regions Sum
usd_amount USD amount transferred between regions Sum

Notes

Regional flows are currently provided for bitcoin only. Not all cryptocurrency flows can be assigned a region, so the regional flows metric provides a lower bound.

Inter exchange flows

curl "https://api.markets.chainalysis.com/v1/demand/inter-exchange-flows?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "source_category": "crypto-to-crypto exchanges",
    "destination_category": "crypto-to-crypto exchanges",
    "asset_amount": 9675.21,
    "usd_amount": 85048003.0
  },
  {
    "time": "2020-05-25",
    "source_category": "crypto-to-crypto exchanges",
    "destination_category": "crypto-to-fiat exchanges",
    "asset_amount": 9406.61,
    "usd_amount": 82655129.0
  }
]

Subscription:Core Subscription:Advanced Subscription:Premium

Relevance

Assets flow between exchanges as traders balance assets across venues, each of which offers different prices, liquidity and products. Flows to crypto-to-fiat exchanges suggest people are interested in cashing out to fiat, while flows to crypto-to-crypto and derivatives-only exchanges suggest people are interested in the broader set of trading opportunities typically available on these exchanges.

Definition

The value of assets transferred on the blockchain between types of exchanges.

Types of exchanges include crypto-to-fiat exchanges, where cryptocurrencies are primarily traded for fiat currencies, crypto-to-crypto exchanges, where cryptocurrencies are primarily traded for other cryptocurrencies, decentralized exchanges, where cryptocurrencies are traded via automated smart contracts, and derivatives-only exchanges, which are venues that only offer the trading of cryptocurrency derivatives.

Dimensions

Dimension Description
time Daily time period
source_category Source exchange
destination_category Destination exchange

Variables

Variable Description Time aggregation
asset_amount Asset amount transferred between exchanges Sum
usd_amount USD amount transferred between exchanges Sum

Notes

The total of inter exchange flows equals the exchange to exchange flows in the total flows metric.

Supply

How cryptocurrency is held. Our supply metrics describe the age, USD cost and gain, liquidity, and wealth of cryptocurrency holders, and the assets they send and receive.

Age

curl "https://api.markets.chainalysis.com/v1/supply/age?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "group": "52+",
    "assets_held": 10176139.8521,
    "assets_sent": 8468.953,
    "assets_received": 1155.6015,
    "entities_held": 17772547,
    "entities_sent": 2577,
    "entities_received": 5155,
    "transfers_sent": 4652,
    "transfers_received": 7220,
    "total_held": 2614387897.2658,
    "total_sent": 1126194.3442,
    "total_received": 80476.9098
  },
  {
    "time": "2020-05-25",
    "group": "[0, 2)",
    "assets_held": 448412.9024,
    "assets_sent": 1076128.799,
    "assets_received": 1106430.6056,
    "entities_held": 414615,
    "entities_sent": 449091,
    "entities_received": 633400,
    "transfers_sent": 2079273,
    "transfers_received": 2542137,
    "total_held": 541394.5128,
    "total_sent": 825426.1835,
    "total_received": 1107132.1932
  }
]

Subscription:Core Subscription:Advanced Subscription:Premium

Relevance

Age is the amount of time an asset is held by an entity.

The amount of assets held, sent and received by entities of different age describes the properties of holders of supply. For example, if the majority of assets have been held for a long time then holders are likely using the asset as a store of value, or when assets are sent by entities that have held those assets for a long time then it suggests long term holders are losing conviction in the asset.

Definition

The number of weeks an entity has held assets on average, across all addresses controlled by the entity, weighted by the amount of assets received and sent over time.

Dimensions

Dimension Description
time Weekly time period
group Age group (in weeks)

Variables

Variable Description Time aggregation
assets_held Amount of assets held Average
assets_sent Amount of assets sent Sum
assets_received Amount of assets received Sum
entities_held Number of entities holding Average
entities_sent Number of entities sending Average
entities_received Number of entities receiving Average
transfers_sent Number of transfers sent Sum
transfers_received Number of transfers received Sum
total_held Total age of assets held (asset amount * weeks) Average
total_sent Total age of assets sent (asset amount * weeks) Sum
total_received Total age of assets received (asset amount * weeks) Sum

Notes

Data is grouped into the following groups (units are weeks): [0, 2), [2, 4), [4, 13), [13, 26), [26, 52), [52, 78), [78, 104), [104, 156), [156, 208), [208, 260), [260, 312), [312, 364), [364, 416), [416, 468), [468, 520), [520, 572), 572+.

That is to say group [0, 2) contains data on entities that have held assets for a weighted average of more than or equal to 0 weeks and strictly less than 2 weeks.

Groups are truncated for more recent assets, that is to say an asset that has not existed for more than 260 weeks will only have groups up to and including [208, 260) weeks.

The weighted average age of holdings across groups can be calculated (within a time period) by summing, across groups, total_held and, separately, assets_held, then dividing the sum of total_held by the sum of assets_held. This can be applied equivalently to sent and received variables.

The age of assets sent is the age of assets held by the entities that send assets in a time period, while the age of assets received is the age of the assets held by the entities that receive assets in a time period. So comparing the groups that send versus receive indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.

Gain

curl "https://api.markets.chainalysis.com/v1/supply/gain?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "group": "100%+",
    "assets_held": 6607179.5913,
    "assets_sent": 8931.9064,
    "assets_received": 33.5311,
    "entities_held": 10913381,
    "entities_sent": 4154,
    "entities_received": 633,
    "transfers_sent": 6186,
    "transfers_received": 842,
    "total_usd_cost_held": 6486707028.5462,
    "total_usd_cost_sent": 22231569.7663,
    "total_usd_cost_received": 109994.4303,
    "total_usd_value_held": 61037217328.5106,
    "total_usd_value_sent": 82513075.9039,
    "total_usd_value_received": 309760.9099
  },
  {
    "time": "2020-05-25",
    "group": "[-25, -5)%",
    "assets_held": 1486275.0481,
    "assets_sent": 39101.3983,
    "assets_received": 487.0233,
    "entities_held": 2144119,
    "entities_sent": 12791,
    "entities_received": 2132,
    "transfers_sent": 22364,
    "transfers_received": 2922,
    "total_usd_cost_held": 15953094750.3369,
    "total_usd_cost_sent": 428011519.6836,
    "total_usd_cost_received": 4999660.1599,
    "total_usd_value_held": 13730229648.8104,
    "total_usd_value_sent": 361219263.8567,
    "total_usd_value_received": 4499127.5895
  }
]

Subscription:Core Subscription:Advanced Subscription:Premium

Relevance

Gain is the USD gain or loss of assets held by an entity, comparing the current USD value of the assets to the value when the entity received them.

The amount of assets held, sent and received by entities with different levels of USD gain describes the properties of holders of supply. For example, if there is an increase in assets held by entities with a large USD gain then these assets may soon be sold to realize the gain, potentially lowering prices, or when assets are sent by entities with a large loss then it suggests that holders are accepting losses and exiting the market.

Definition

Cost is the weighted average USD value of assets when received by an entity, accounting for assets sent, across all addresses controlled by the entity.

Gain is the cost relative to current price.

Dimensions

Dimension Description
time Weekly time period
group USD gain group (in % USD gain or loss)

Variables

Variable Description Time aggregation
assets_held Amount of assets held Average
assets_sent Amount of assets sent Sum
assets_received Amount of assets received Sum
entities_held Number of entities holding Average
entities_sent Number of entities sending Average
entities_received Number of entities receiving Average
transfers_sent Number of transfers sent Sum
transfers_received Number of transfers received Sum
total_usd_cost_held Total USD cost of assets held (asset amount * cost) Average
total_usd_cost_sent Total USD cost of assets received (asset amount * cost) Sum
total_usd_cost_received Total USD cost of assets sent (asset amount * cost) Sum
total_usd_value_held Total USD value of assets held (asset amount * price) Average
total_usd_value_sent Total USD value of assets received (asset amount * price) Sum
total_usd_value_received Total USD value of assets sent (asset amount * price) Sum

Notes

Data is grouped in the following groups: (units are %): [-100, -75), [-75, -50), [-50, -25), [-25, -5), [-5, 0), [0, 5), [5, 25), [25, 50), [50, 75), [75, 100), [100, 1000), 1000+.

That is to say group [-100, -75) contains data on entities that have experienced a 100% to 75% USD loss on the current value of their assets relative to value when they received their assets.

For stablecoins, data is grouped in the following bins (units are %): <-1, [-1, -0.1), [-0.1, 0), [0, 0.1), [0.1, 1), 1+.

The weighted average cost of holdings across groups can be calculated (within a time period) by summing, across groups, total_usd_cost_held and, separately, assets_held, then dividing the sum of total_usd_cost_held by the sum of assets_held. This can be applied equivalently to sent and received variables. It can also be applied equivalently for the average gain, using total_usd_value_held minus total_usd_cost_held.

The weighted average gain of holdings across groups can be calculated (within a time period) by summing, across groups, total_usd_value_held minus total_usd_cost_held and, separately, assets_held, then dividing the sum of total_usd_value_held minus total_usd_cost_held by the sum of assets_held. This can be applied equivalently to sent and received variables.

The cost and gain of assets sent is the cost and gain of assets held by the entities that send assets in a time period, while the cost and gain of assets received is the cost and gain of the assets held by the entities that receive assets in a time period. So comparing the groups that send versus receive indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.

Liquidity

curl "https://api.markets.chainalysis.com/v1/supply/liquidity?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "group": "Highly liquid",
    "assets_held": 2098109.4549,
    "assets_sent": 1042637.0649,
    "assets_received": 1037961.0405,
    "entities_held": 2354122,
    "entities_sent": 213702,
    "entities_received": 219607,
    "transfers_sent": 1651584,
    "transfers_received": 2237663,
    "total_held": 1967936.3167,
    "total_sent": 1015530.1177,
    "total_received": 1010946.9931
  },
  {
    "time": "2020-05-25",
    "group": "Illiquid",
    "assets_held": 14212241.8198,
    "assets_sent": 194800.4022,
    "assets_received": 302768.3339,
    "entities_held": 20795732,
    "entities_sent": 140990,
    "entities_received": 453905,
    "transfers_sent": 261606,
    "transfers_received": 781301,
    "total_held": 245158.6062,
    "total_sent": 32861.108,
    "total_received": 9213.8583
  }
]

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Liquidity is the likelihood that an entity sends on assets it receives or continues to hold them. Illiquid entities act as sinks, reducing the number of assets available to buy, so can be characterised as investors. Liquid and highly liquid entities are sources, as their assets keep circulating, so can be characterised as traders.

The amount of assets held, sent and received by entities of different liquidity describes the properties of holders of supply. For example, if there is an increase in assets held by liquid entities then there is an increase in the assets available to buy, potentially lowering prices, or when assets are sent by illiquid entities then it suggests that investors are reducing their positions.

Definition

The average ratio of net to gross flows of assets of an entity over the lifetime of the entity, across all addresses controlled by the entity.

A highly liquid entity sends on average all to ⅔ of the assets it receives, a liquid entity sends ⅔ to ¼ of the assets it receives, and an illiquid entity sends ¼ to none of the assets it receives.

Dimensions

Dimension Description
time Weekly time period
group Liquidity group (highly liquid, liquid, or illiquid)

Variables

Variable Description Time aggregation
assets_held Amount of assets held Average
assets_sent Amount of assets sent Sum
assets_received Amount of assets received Sum
entities_held Number of entities holding Average
entities_sent Number of entities sending Average
entities_received Number of entities receiving Average
transfers_sent Number of transfers sent Sum
transfers_received Number of transfers received Sum
total_held Total liquidity of assets held (asset amount * liquidity, where 0 is fully illiquid, 1 is fully liquid) Average
total_sent Total liquidity of assets sent (asset amount * liquidity, where 0 is fully illiquid, 1 is fully liquid) Sum
total_received Total liquidity of assets received (asset amount * liquidity, where 0 is fully illiquid, 1 is fully liquid) Sum

Notes

Liquidity is calculated per entity as 1 minus the average ratio of net to gross flows, averaged over the lifetime of the entity.

Liquidity is measured between 0 and 1. A measure of 0 shows that an asset is completely illiquid, as this occurs only if assets are never sent once they are generated. A measure of 1 shows that an asset is completely liquid, as this occurs only if all assets that are received are immediately sent.

A highly liquid entity sends on average all to ⅔ of the assets it receives. This is equal to a liquidity value of 1 to 0.8.

A liquid entity sends ⅔ to ¼ of the assets it receives. This is equal to a liquidity value of 0.8 to 0.4.

An illiquid entity sends ¼ to none of the assets it receives. This is equal to a liquidity value of 0.4 to 0.

The weighted average liquidity of holdings across groups can be calculated (within a time period) by summing, across groups, total_held and, separately, assets_held, then dividing the sum of total_held by the sum of assets_held. This can be applied equivalently to sent and received variables.

The liquidity of assets sent is the liquidity of assets held by the entities that send assets in a time period, while the liquidity of assets received is the liquidity of the assets held by the entities that receive assets in a time period. So comparing the groups that send versus receive indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.

Wealth

curl "https://api.markets.chainalysis.com/v1/supply/wealth?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "group": "10k+",
    "assets_held": 4336378.6769,
    "assets_sent": 563022.5073,
    "assets_received": 589209.7593,
    "entities_held": 91,
    "entities_sent": 24,
    "entities_received": 33,
    "transfers_sent": 525122,
    "transfers_received": 394673
  },
  {
    "time": "2020-05-25",
    "group": "[0, 0.1)",
    "assets_held": 148219.6617,
    "assets_sent": 449998.5208,
    "assets_received": 194357.1466,
    "entities_held": 21226410,
    "entities_sent": 463929,
    "entities_received": 619319,
    "transfers_sent": 1039508,
    "transfers_received": 1204198
  }
]

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Wealth is the amount of an asset held by an entity, that is the balance of the entity.

The amount of assets held, sent and received by entities with different levels of wealth describes the properties of holders of supply. For example, if there is an increase in assets held by wealthy entities then this indicates that institutions are acquiring the asset, or when assets are sent by entities with low wealth then it suggests retail investors are selling.

Definition

The amount of an asset held by an entity, across all addresses controlled by the entity. That is to say the balance of an entity.

Dimensions

Dimension Description
time Weekly time period
group Wealth group (in asset amount held)

Variables

Variable Description Time aggregation
assets_held Amount of assets held Average
assets_sent Amount of assets sent Sum
assets_received Amount of assets received Sum
entities_held Number of entities holding Average
entities_sent Number of entities sending Average
entities_received Number of entities receiving Average
transfers_sent Number of transfers sent Sum
transfers_received Number of transfers received Sum

Notes

Data is grouped in the following groups (units are assets held): [0, 0.1), [0.1, 1), [1, 10), [10, 100), [100, 1k), [1k, 10k), 10k+.

That is to say group [0, 0.1) contains data on entities that hold more than or equal to 0 of the asset and strictly less than 0.1 of the asset.

For stablecoins, data is grouped in the following bins (units are assets held): [0, 1), [1, 100), [100, 1k), [1k, 10k), [10k, 100k), [100k, 1M), [1M, 10M), 10M+.

k represents thousands, so 1k is 1,000. M represents millions, so 1M is 1,000,000.

The weighted average holdings across groups can be calculated (within a time period) by summing, across groups, assets_held and, separately, entities_held, then dividing the sum of assets_held by the sum of entities_held. This can be applied equivalently to sent and received variables.

The wealth of sending entities is the wealth of entities that send assets in a time period, while the wealth of receiving entities is the wealth of entities that receive assets in a time period. So comparing the groups that send versus receive indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.

Properties

curl "https://api.markets.chainalysis.com/v1/supply/properties?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2021-02-22",
    "category": "self-hosted",
    "age_group": "572+",
    "gain_group": "1000+",
    "liquidity_group": "highly liquid",
    "wealth_group": "[0.1, 1)",
    "assets_held": 0.13,
    "assets_sent": 0.0,
    "assets_received": 0.0,
    "entities_held": 1,
    "entities_sent": 0,
    "entities_received": 0,
    "transfers_sent": 0,
    "transfers_received": 0,
    "total_age_held": 75.0462,
    "total_age_sent": 0.0,
    "total_age_received": 0.0,
    "total_liquidity_held": 0.1173,
    "total_liquidity_sent": 0.0,
    "total_liquidity_received": 0.0,
    "total_usd_cost_held": 0.0,
    "total_usd_cost_sent": 0.0,
    "total_usd_cost_received": 0.0,
    "total_usd_value_held": 6379.0402,
    "total_usd_value_sent": 0.0,
    "total_usd_value_received": 0.0
  },
  {
    "time": "2021-02-22",
    "category": "self-hosted",
    "age_group": "572+",
    "gain_group": "1000+",
    "liquidity_group": "highly liquid",
    "wealth_group": "[1, 10)",
    "assets_held": 1.0,
    "assets_sent": 0.0,
    "assets_received": 0.0,
    "entities_held": 1,
    "entities_sent": 0,
    "entities_received": 0,
    "transfers_sent": 0,
    "transfers_received": 0,
    "total_age_held": 578.0,
    "total_age_sent": 0.0,
    "total_age_received": 0.0,
    "total_liquidity_held": 0.8567,
    "total_liquidity_sent": 0.0,
    "total_liquidity_received": 0.0,
    "total_usd_cost_held": 0.0,
    "total_usd_cost_sent": 0.0,
    "total_usd_cost_received": 0.0,
    "total_usd_value_held": 49069.5398,
    "total_usd_value_sent": 0.0,
    "total_usd_value_received": 0.0
  }
]

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Properties describes entities by the combination of their category, age, gain, liquidity, and wealth. For example it describes the amount of assets held by self-hosted entities that are 2 to 4 weeks old, have experienced a 10 to 25% USD gain, are illiquid, and have a balance of 10 to 100 units of the asset.

This combination of the age, gain, liquidity, and wealth metrics gives a more detailed description of the holders of supply than separately considering their age, or gain, or liquidity, or wealth. For example, it can be used to analyse the amount of cryptocurrency acquired over time by self-hosted investors of different wealth and age groups and their cost of acquisition, which indicates the level of demand at different price levels.

Definition

Properties is the joint distribution of variables across the four dimensions of age, gain, liquidity and wealth.

Age is the number of weeks an entity has held assets on average, across all addresses controlled by the entity, weighted by the amount of assets received and sent over time.

Gain is the weighted average USD value of assets when received by an entity relative to current price, accounting for assets sent, across all addresses controlled by the entity.

Liquidity is the average ratio of net to gross flows of assets of an entity over the lifetime of the entity, across all addresses controlled by the entity. A highly liquid entity sends on average all to ⅔ of the assets it receives, a liquid entity sends ⅔ to ¼ of the assets it receives, and an illiquid entity sends ¼ to none of the assets it receives.

Wealth is the amount of an asset held by an entity, across all addresses controlled by the entity. That is to say the balance of an entity.

Dimensions

Dimension Description
time Weekly time period
category Entity category
age_group Age group (in weeks)
gain_group USD gain group (in % USD gain or loss)
liquidity_group Liquidity group (highly liquid, liquid, or illiquid)
wealth_group Wealth group (in asset amount held)

Variables

Variable Description Time aggregation
assets_held Amount of assets held Average
assets_sent Amount of assets sent Sum
assets_received Amount of assets received Sum
entities_held Number of entities holding Average
entities_sent Number of entities sending Average
entities_received Number of entities receiving Average
transfers_sent Number of transfers sent Sum
transfers_received Number of transfers received Sum
total_age_held Total age of assets held (asset amount * weeks) Average
total_age_sent Total age of assets sent (asset amount * weeks) Sum
total_age_received Total age of assets received (asset amount * weeks) Sum
total_liquidity_held Total liquidity of assets held (asset amount * liquidity, where 0 is fully illiquid, 1 is fully liquid) Average
total_liquidity_sent Total liquidity of assets sent (asset amount * liquidity, where 0 is fully illiquid, 1 is fully liquid) Sum
total_liquidity_received Total liquidity of assets received (asset amount * liquidity, where 0 is fully illiquid, 1 is fully liquid) Sum
total_usd_cost_held Total USD cost of assets held (asset amount * cost) Average
total_usd_cost_sent Total USD cost of assets received (asset amount * cost) Sum
total_usd_cost_received Total USD cost of assets sent (asset amount * cost) Sum
total_usd_value_held Total USD value of assets held (asset amount * price) Average
total_usd_value_sent Total USD value of assets received (asset amount * price) Sum
total_usd_value_received Total USD value of assets sent (asset amount * price) Sum

Notes

This metric is only delivered via flat file.

Data is grouped in the groups of the Age, Gain, Liquidity, and Wealth metrics. In addition, data is grouped by entity category. So, for example, it describes the amount of assets held by self-hosted entities that are 2 to 4 weeks old, have experienced a 10 to 25% USD gain, are illiquid, and have a balance of 10 to 100 units of the asset.

The weighted average age of holdings across groups can be calculated (within a time period) by summing, across groups, total_age_held and, separately, assets_held, then dividing the sum of total_age_held by the sum of assets_held. This can be applied equivalently to sent and received variables. It can also be applied equivalently for the average cost, using total_usd_cost_held, gain, using total_usd_value_held minus total_usd_cost_held, and liquidity, using total_liquidity_held.

The weighted average holdings across groups can be calculated (within a time period) by summing, across groups, assets_held and, separately, entities_held, then dividing the sum of assets_held by the sum of entities_held. This can be applied equivalently to sent and received variables.

The properties of assets sent are the properties of assets held by the entities that send assets in a time period, while the properties of assets received are the properties of the assets held by the entities that receive assets in a time period. So comparing the groups that send versus receive indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.

Macro

The health of a cryptocurrency. Our macro metrics describe the overall supply of an asset, for example its value, free float and wealth concentration, which can easily be compared across cryptocurrencies.

Supply

curl "https://api.markets.chainalysis.com/v1/macro/supply?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "supply": 18388052.295
  },
  {
    "time": "2020-05-29",
    "supply": 18388846.045
  }
]

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Supply is the total quantity of assets created to date. Assets with a lower supply typically have a lower price per asset, although not necessarily a lower market cap.

Definition

The total quantity of assets created to date.

Dimensions

Dimension Description
time Daily time period

Variables

Variable Description Time aggregation
supply Supply of asset Use value of the last time period of the aggregation

Price

curl "https://api.markets.chainalysis.com/v1/macro/price?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "open": 9204.62,
    "high": 9619.34,
    "low": 9112.3,
    "close": 9579.71,
    "average": null
  },
  {
    "time": "2020-05-29",
    "open": 9579.71,
    "high": 9601.43,
    "low": 9344.8,
    "close": 9424.62,
    "average": null
  }
]

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Price typically rises when market sentiment is positive, demand for assets increases, and supply of assets available to buy decreases. Price typically falls under opposing conditions.

Definition

Open, high, low, and close prices for the asset, calculated from a basket of exchanges, weighted by trade volume, and excluding outliers.

Average daily close price is provided for weekly and monthly time periods, and is empty for daily time periods.

Dimensions

Dimension Description
time Daily time period
For weekly time period use price-weekly
For monthly time period use price-monthly

Variables

Variable Description Time aggregation
open Open USD price Use metric: price-weekly or price-monthly
high High USD price Use metric: price-weekly or price-monthly
low Low USD price Use metric: price-weekly or price-monthly
close Close USD price Use metric: price-weekly or price-monthly
average Average USD price Use metric: price-weekly or price-monthly

Market cap

curl "https://api.markets.chainalysis.com/v1/macro/market-cap?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "market_cap": 176152208450.6566
  },
  {
    "time": "2020-05-29",
    "market_cap": 173307886212.3546
  }
]

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Market cap measures the USD value of all assets if they could be sold at the current price, so reflects the overall value of the asset. Market cap rises when the supply increases or the price increases.

Definition

Market cap is the supply multiplied by the price.

Dimensions

Dimension Description
time Daily time period

Variables

Variable Description Time aggregation
market_cap Market cap (in USD) Use value of the last time period of the aggregation

Thermo cap

curl "https://api.markets.chainalysis.com/v1/macro/thermo-cap?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "thermo_cap": 8689681.8606
  },
  {
    "time": "2020-05-29",
    "thermo_cap": 8367738.5157
  }
]

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Thermocap is the total USD value of newly mined or issued assets and fees, accumulated over time, so reflects the overall value earned by those generating the asset. The greater the thermo cap, the greater the historical incentive that miners or asset issuers have had to generate the asset.

Definition

Thermo cap is the total USD value of newly mined or issued assets and fees, valued at the price at the time, accumulated over time.

Dimensions

Dimension Description
time Daily time period

Variables

Variable Description Time aggregation
thermo_cap Thermo cap (in USD) Use value of the last time period of the aggregation

Free float

curl "https://api.markets.chainalysis.com/v1/macro/free-float?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "free_float_amount": 3367939.2302,
    "free_float_perc": 18.3215
  },
  {
    "time": "2020-06-01",
    "free_float_amount": 3319622.2751,
    "free_float_perc": 18.0509
  }
]

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Free float is the supply of an asset that is likely to be available for purchase on the market. The greater the free float, the greater the likelihood that large increases in demand can be supplied without significant increases in price.

Definition

The free float is equal to the number of assets held by liquid entities, those that send at least 25% of the assets they receive, and that have held the assets for less than a year. That is to say: the free float is the assets held by entities who are likely to circulate their assets, given their observed characteristics

Dimensions

Dimension Description
time Weekly time period

Variables

Variable Description Time aggregation
free_float_amount Assets in free float Average
free_float_perc Free float as a % share of supply Average

Notes

The free float is equal to the assets held by entities in the liquid and highly liquid groups that are also in age groups of less than 52 weeks in the Properties metric.

Data is weekly and describes the state of the variable at the end of the week. For example, data for the week of 2020-01-06 describes the free float as of 2020-01-12T23:59:59Z.

Percentage data is represented such that 99.9 equals 99.9%.

Wealth concentration

curl "https://api.markets.chainalysis.com/v1/macro/wealth-concentration?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "wealth_concentration": 0.0039
  },
  {
    "time": "2020-06-01",
    "wealth_concentration": 0.0039
  }
]

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Wealth concentration measures the extent to which some entities hold more of the supply than others. This is measured using a Herfindahl Index. The greater the index, the greater the share of supply that is held by a smaller number of entities.

Definition

Wealth concentration is measured using a Herfindahl Index, which is the sum of the square of the share of supply that is held by each entity.

The Herfindahl Index is measured between 0 and 1. A measure of (close to) 0 shows that wealth is not concentrated, as this occurs only if a very large number of entities each hold a very small share of supply. A measure of 1 shows that wealth is highly concentrated, as this occurs only if a single entity holds all of the supply.

Dimensions

Dimension Description
time Weekly time period

Variables

Variable Description Time aggregation
wealth_concentration Wealth concentration index (0 is no wealth concentration, 1 is wealth fully concentrated) Average

Notes

Data is weekly and describes the state of the variable at the end of the week. For example, data for the week of 2020-01-06 describes the wealth concentration as of 2020-01-12T23:59:59Z.

Average age

curl "https://api.markets.chainalysis.com/v1/macro/average-age?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "average_age_held": 150.4549,
    "average_age_sent": 3.5914,
    "average_age_received": 2.8776
  },
  {
    "time": "2020-06-01",
    "average_age_held": 150.8425,
    "average_age_sent": 3.9959,
    "average_age_received": 3.3451
  }
]

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Average age summarises, for the entire asset, the average amount of time that assets are held. The greater the average age, the greater the amount of time, on average, that entities tend to hold assets.

Definition

The average number of weeks that entities have held assets, weighted by the number of assets that each entity holds.

Average age is provided for assets held, sent, and received. The average age of held assets is the age of assets held by entities at the time. The age of sent assets is the age of assets before they are sent. The age of received assets is the age of assets held by entities that receive assets.

Dimensions

Dimension Description
time Weekly time period

Variables

Variable Description Time aggregation
average_age_held Average age of assets held (in weeks) Average
average_age_sent Average age of assets sent (in weeks) Average
average_age_received Average age of assets received (in weeks) Average

Notes

The average age of held assets is equal to the weighted average age of holdings across all groups in the Age metric, and similarly for sent and received assets.

The age of assets sent is the age of assets held by the entities that send assets in a time period, while the age of assets received is the age of the assets held by the entities that receive assets in a time period. So comparing the average age of assets sent versus received indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.

Average cost

curl "https://api.markets.chainalysis.com/v1/macro/average-cost?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "average_cost_held": 5871.6102,
    "average_cost_sent": 8963.603,
    "average_cost_received": 8999.6132
  },
  {
    "time": "2020-06-01",
    "average_cost_held": 5922.6701,
    "average_cost_sent": 9161.8342,
    "average_cost_received": 9378.9923
  }
]

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Average cost summarises, for the entire asset, the average USD cost of acquisition of assets by the entity that last acquired the assets. The greater the average cost, the greater the amount spent, on average, by entities that last acquired assets.

Definition

The average USD value of assets when received by an entity, weighted by the number of assets that each entity holds.

Average cost is provided for assets held, sent, and received. The average cost of held assets is the cost of assets held by entities at the time. The cost of sent assets is the cost of the assets when entities sending assets last acquired them. The cost of received assets is the cost of assets held by entities that receive assets.

Dimensions

Dimension Description
time Weekly time period

Variables

Variable Description Time aggregation
average_cost_held Average USD cost of assets held Average
average_cost_sent Average USD cost of assets sent Average
average_cost_received Average USD cost of assets received Average

Notes

The average cost is equal to the weighted average cost of holdings across all groups in the Gain metric, and similarly for sent and received assets.

The cost of assets sent is the cost of assets held by the entities that send assets in a time period, while the cost of assets received is the cost of the assets held by the entities that receive assets in a time period. So comparing the average cost of assets sent versus received indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.

Average gain

curl "https://api.markets.chainalysis.com/v1/macro/average-gain?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "average_gain_held": 3366.4038,
    "average_gain_sent": 274.4109,
    "average_gain_received": 238.4008,
    "average_gain_perc_held": 57.3336,
    "average_gain_perc_sent": 3.0614,
    "average_gain_perc_received": 2.649
  },
  {
    "time": "2020-06-01",
    "average_gain_held": 3757.909,
    "average_gain_sent": 518.7449,
    "average_gain_received": 301.5869,
    "average_gain_perc_held": 63.4496,
    "average_gain_perc_sent": 5.662,
    "average_gain_perc_received": 3.2156
  }
]

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Relevance

Average gain summarises, for the entire asset, the average USD gain or loss of an asset. The greater the average gain, the greater the USD profits, on average, that entities have made since acquiring assets.

Definition

The average USD value of assets when received by an entity relative to current price, weighted by the number of assets that each entity holds.

Average gain is provided for assets held, sent, and received. The average gain of held assets is the gain of assets held by entities at the time. The gain of sent assets is the gain of the assets since the entities sending assets last acquired them. The gain of received assets is the gain of assets held by entities that receive assets.

Dimensions

Dimension Description
time Weekly time period

Variables

Variable Description Time aggregation
average_gain_held Average USD gain of assets held (in USD) Average
average_gain_sent Average USD gain of assets sent (in USD) Average
average_gain_received Average USD gain of assets received (in USD) Average
average_gain_perc_held Average USD gain of assets held (in % USD gain or loss) Average
average_gain_perc_sent Average USD gain of assets sent (in % USD gain or loss) Average
average_gain_perc_received Average USD gain of assets received (in % USD gain or loss) Average

Notes

The average gain is equal to the weighted average value minus cost of holdings across all groups in the Gain metric, and similarly for sent and received assets.

The gain of assets sent is the gain of assets held by the entities that send assets in a time period, while the gain of assets received is the gain of the assets held by the entities that receive assets in a time period. So comparing the average gain of assets sent versus received indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.

Percentage data is represented such that 99.9 equals 99.9%.

Average liquidity

curl "https://api.markets.chainalysis.com/v1/macro/average-liquidity?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "average_liquidity_held": 0.1954,
    "average_liquidity_sent": 0.8101,
    "average_liquidity_received": 0.7534
  },
  {
    "time": "2020-06-01",
    "average_liquidity_held": 0.1929,
    "average_liquidity_sent": 0.7993,
    "average_liquidity_received": 0.7185
  }
]

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Relevance

Average liquidity summarises, for the entire asset, the likelihood that an asset will be sent or continue to be held. The greater the average liquidity, the greater the likelihood, on average, that entities will send on assets rather than hold them.

Definition

The average ratio of net to gross flows of assets of entities, weighted by the number of assets that each entity holds.

Average liquidity is provided for assets held, sent, and received. The average liquidity of held assets is the liquidity of assets held by entities at the time. The liquidity of sent assets is the liquidity of assets before they are sent. The liquidity of received assets is the liquidity of assets held by entities that receive assets.

Average liquidity is measured between 0 and 1. A measure of 0 shows that an asset is completely illiquid, as this occurs only if assets are never sent once they are generated. A measure of 1 shows that an asset is completely liquid, as this occurs only if all assets that are received are immediately sent.

Average liquidity can be interpreted as the percentage of supply that is illiquid and liquid. For example, if an asset has an average liquidity of 0.6, this is equivalent to saying that 60% of the supply is completely illiquid and 40% of the supply is completely liquid.

Dimensions

Dimension Description
time Weekly time period

Variables

Variable Description Time aggregation
average_liquidity_held Average liquidity of assets held (0 is fully illiquid, 1 is fully liquid) Average
average_liquidity_sent Average liquidity of assets sent (0 is fully illiquid, 1 is fully liquid) Average
average_liquidity_received Average liquidity of assets received (0 is fully illiquid, 1 is fully liquid) Average

Notes

The average liquidity is equal to the weighted average liquidity of holdings across all groups in the Liquidity metric, and similarly for sent and received assets.

The liquidity of assets sent is the liquidity of assets held by the entities that send assets in a time period, while the liquidity of assets received is the liquidity of the assets held by the entities that receive assets in a time period. So comparing the average liquidity of assets sent versus received indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.

Average wealth

curl "https://api.markets.chainalysis.com/v1/macro/average-wealth?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "average_wealth_held": 0.774,
    "average_wealth_sent": 2.994,
    "average_wealth_received": 1.9796
  },
  {
    "time": "2020-06-01",
    "average_wealth_held": 0.7713,
    "average_wealth_sent": 3.1603,
    "average_wealth_received": 2.0838
  }
]

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Relevance

Average wealth summarises, for the entire asset, the average amount of assets held by entities, that is the average balance of entities. The greater the average wealth, the greater the amount of assets held by each entity, on average.

Definition

The average amount of an asset held by an entity, that is to say the mean average balance of an entity.

Average wealth is provided for entities that are holding, sending, and receiving. The average wealth of entities holding is the wealth held by entities at the time. The wealth of sending entities is the wealth of entities that send assets. The wealth of receiving entities is the wealth of entities that receive assets.

Dimensions

Dimension Description
time Weekly time period

Variables

Variable Description Time aggregation
average_wealth_held Average balance of entities holding (in asset amount held) Average
average_wealth_sent Average balance of entities sending (in asset amount held) Average
average_wealth_received Average balance of entities receiving (in asset amount held) Average

Notes

The average wealth is equal to the weighted average holdings across all groups in the Wealth metric, and similarly for sent and received assets.

The wealth of sending entities is the wealth of entities that send assets in a time period, while the wealth of receiving entities is the wealth of entities that receive assets in a time period. So comparing the average wealth of sending versus receiving entities indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.

Exchanges

How cryptocurrency is traded. Our exchange metrics describe how assets flow in and out of trading venues, the level of competition in the market, and the level of trading demand relative to supply.

Exchange inflows

curl "https://api.markets.chainalysis.com/v1/exchanges/exchange-inflows?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "category": "all exchanges",
    "asset_amount": 85110.143,
    "usd_amount": 783406524.2548
  },
  {
    "time": "2020-05-29",
    "category": "all exchanges",
    "asset_amount": 128540.3061,
    "usd_amount": 1231378855.4214
  }
]

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Relevance

Inflows to exchanges fluctuate with changes in market sentiment. For instance, an increase in inflows suggests increased selling pressure in the market.

Definition

The amount of assets received via the blockchain by all exchanges known to Chainalysis.

Dimensions

Dimension Description
time Daily time period
category Exchange category

Variables

Variable Description Time aggregation
asset_amount Asset amount received by exchanges Sum
usd_amount USD amount received by exchanges Sum

Exchange outflows

curl "https://api.markets.chainalysis.com/v1/exchanges/exchange-outflows?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "category": "all exchanges",
    "asset_amount_lower_bound": 218644.5817,
    "asset_amount_upper_bound": 224525.2917,
    "usd_amount_lower_bound": 1905933046.7888,
    "usd_amount_upper_bound": 1957521510.2888
  },
  {
    "time": "2020-05-26",
    "category": "all exchanges",
    "asset_amount_lower_bound": 72367.5139,
    "asset_amount_upper_bound": 75964.0289,
    "usd_amount_lower_bound": 644283032.7021,
    "usd_amount_upper_bound": 676192284.2021
  }
]

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Relevance

Outflows from exchanges fluctuate with changes in market sentiment. For instance, an increase in outflows suggests reduced selling pressure in the market.

Definition

The amount of assets withdrawn via the blockchain from all exchanges known to Chainalysis. There is uncertainty in the level of outflows from exchanges. We are certain that some outflows are true withdrawals, whereas it is possible that other outflows are internal transfers. So there are lower bound (certain) and upper bound (possible) outflows.

Lower bound outflows are outflows that have been received by other services, thereby leaving exchanges for certain.

Upper bound outflows are all possible outflows. However, some of these outflows may in fact be transfers within an exchange, for example to more secure storage, that Chainalysis has not yet identified as internal, so these transfers appear as an outflow.

Dimensions

Dimension Description
time Daily time period
category Exchange category

Variables

Variable Description Time aggregation
asset_amount_lower_bound Lower bound (certain) asset amount sent from exchanges Sum
asset_amount_upper_bound Upper bound (possible) asset amount sent from exchanges Sum
usd_amount_lower_bound Lower bound (certain) USD amount sent from exchanges Sum
usd_amount_upper_bound Upper bound (possible) USD amount sent from exchanges Sum

Exchange change in balance

curl "https://api.markets.chainalysis.com/v1/exchanges/exchange-change-in-balance?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "category": "all exchanges",
    "change_in_balance_lower_bound": -13305.0876,
    "change_in_balance_upper_bound": -7424.3776
  },
  {
    "time": "2020-05-26",
    "category": "all exchanges",
    "change_in_balance_lower_bound": -4181.8992,
    "change_in_balance_upper_bound": -585.3842
  }
]

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Relevance

Assets held on exchanges increase if more market participants want to sell than to buy, and if buyers choose to store their assets on exchanges.

Definition

The difference between asset inflows and outflows on all exchanges known to Chainalysis. There is a range in the change in assets held on exchanges because there is uncertainty in the level of outflows from exchanges. We are certain that some outflows are true withdrawals, whereas it is possible that other outflows are internal transfers. So there is an upper bound (certain) and a lower bound (possible) change in assets held on exchanges.

The upper bound change in assets held is the difference between inflows and lower bound (certain) outflows. These are outflows that have been received by other services, thereby leaving exchanges for certain. As certain outflows are the lower bound of outflows, the certain change in assets held is an upper bound.

The lower bound change in assets held is the difference between inflows and upper bound (possible) outflows. All possible outflows may include transfers within an exchange, for example to more secure storage, that Chainalysis has not yet identified as internal. As possible outflows are the upper bound of outflows, the possible change in assets held is a lower bound.

Dimensions

Dimension Description
time Daily time period
category Exchange category

Variables

Variable Description Time aggregation
change_in_balance_lower_bound Lower bound (possible) change in assets held by exchanges Sum
change_in_balance_upper_bound Upper bound (certain) change in assets held by exchanges Sum

Exchange counterparties

curl "https://api.markets.chainalysis.com/v1/exchanges/exchange-counterparties?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "category": "all exchanges",
    "counterparties_sent": 110568,
    "usd_amount_total_sent": 777362300.5981,
    "usd_amount_top_10_sent": 286204595.0984,
    "usd_amount_top_5_perc_sent": 755614037.5512,
    "counterparties_received": 110568,
    "usd_amount_total_received": 783406524.2548,
    "usd_amount_top_10_received": 303036694.6471,
    "usd_amount_top_5_perc_received": 761402954.7757
  },
  {
    "time": "2020-05-29",
    "category": "all exchanges",
    "counterparties_sent": 109395,
    "usd_amount_total_sent": 1217079017.1964,
    "usd_amount_top_10_sent": 700691901.4899,
    "usd_amount_top_5_perc_sent": 1194027013.5028,
    "counterparties_received": 109395,
    "usd_amount_total_received": 1231378855.4214,
    "usd_amount_top_10_received": 728358981.8985,
    "usd_amount_top_5_perc_received": 1210909479.8914
  }
]

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Relevance

The number of counterparties sending and receiving assets to and from exchanges, and the dominance of the largest counterparties, measures the diversity of sources and destinations for assets on exchanges. The fewer the counterparties, and the greater the share of assets to and from the largest counterparties, the less diverse the market.

As counterparties includes businesses, such as other exchanges, the number of counterparties is less than the number of individuals sending and receiving assets to and from exchanges. This is because many individuals can send or receive if they are all part of the same counterparty, such as another exchange. The number of individuals sending to or receiving from exchanges is measured by the exchange deposits and withdrawals metrics.

Definition

The number of exchange counterparties is the number of unique businesses and unknown entities, such as self-hosted wallets, that directly send and receive assets to and from exchanges.

The top 10 counterparties are the 10 counterparties that send, or receive, the greatest USD value of assets to, or from, exchanges in the time window. Similarly, the top 5% of counterparties are the 5% of counterparties that send, or receive, the greatest USD value of assets to, or from, exchanges in the time window.

The extent to which the market is dominated by a few counterparties can be measured by comparing the total USD value of assets sent or received by the top 10 and top 5% of counterparties to the total USD value of assets sent or received by all counterparties.

Dimensions

Dimension Description
time Daily time period
category Exchange category

Variables

Variable Description Time aggregation
counterparties_sent Number of counterparties that exchanges sent to Average
usd_amount_total_sent USD amount sent to all counterparties Average
usd_amount_top_10_sent USD amount sent to top 10 counterparties Average
usd_amount_top_5_perc_sent USD amount sent to top 5% of counterparties Average
counterparties_received Number of counterparties that exchanges receive from Average
usd_amount_total_received USD amount received from all counterparties Average
usd_amount_top_10_received USD amount received from top 10 counterparties Average
usd_amount_top_5_perc_received USD amount received from top 5% of counterparties Average

Exchange deposits

curl "https://api.markets.chainalysis.com/v1/exchanges/exchange-deposits?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "category": "all exchanges",
    "deposit_addresses": 117252,
    "usd_amount_total": 782387203.8018,
    "usd_amount_top_10": 162159041.3184,
    "usd_amount_top_5_perc": 727239825.3624
  },
  {
    "time": "2020-05-29",
    "category": "all exchanges",
    "deposit_addresses": 114012,
    "usd_amount_total": 1231062853.1462,
    "usd_amount_top_10": 584481643.8078,
    "usd_amount_top_5_perc": 1177439599.166
  }
]

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Relevance

The number of deposit addresses receiving assets on exchanges indicates the number of individual users of an exchange who are depositing assets, typically to sell them. The total number and dominance of the largest deposit addresses measures the level of competition amongst sellers in the market. The fewer the deposit addresses and the greater the share of assets deposited to the largest deposit addresses, the less competition there is amongst sellers.

Definition

The number of exchange deposits is the number of unique deposit addresses that receive assets on exchanges.

The top 10 deposits are the 10 deposit addresses that receive the greatest USD value of assets in the time window. Similarly, the top 5% of deposits are the 5% of deposit addresses that receive the greatest USD value of assets in the time window.

The extent to which the selling market is dominated by a few deposit addresses can be measured by comparing the total USD value of assets received by the top 10 and top 5% of deposit addresses to the total USD value of assets received by exchanges.

Dimensions

Dimension Description
time Daily time period
category Exchange category

Variables

Variable Description Time aggregation
deposit_addresses Number of active deposit addresses Average
usd_amount_total USD amount deposited Average
usd_amount_top_10 USD amount deposited to top 10 deposit addresses Average
usd_amount_top_5_perc USD amount deposited to top 5% of deposit addresses Average

Exchange withdrawals

curl "https://api.markets.chainalysis.com/v1/exchanges/exchange-withdrawals?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "category": "all exchanges",
    "withdrawal_transfers": 149383,
    "usd_amount_total": 783406524.2548,
    "usd_amount_top_10": 114472996.9547,
    "usd_amount_top_5_perc": 709315535.7006
  },
  {
    "time": "2020-05-29",
    "category": "all exchanges",
    "withdrawal_transfers": 144700,
    "usd_amount_total": 1231378855.4214,
    "usd_amount_top_10": 547720233.9573,
    "usd_amount_top_5_perc": 1161761571.7585
  }
]

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Relevance

The number of withdrawal transfers sending assets from exchanges indicates the number of individual users of an exchange who are withdrawing assets, typically after they have bought these assets. The total number and dominance of the largest withdrawal transfers measures the level of competition amongst buyers in the market. The fewer the withdrawal transfers and the greater the share of assets withdrawn by the largest withdrawal transfers, the less competition there is amongst buyers.

Definition

The number of withdrawals is the number of unique withdrawal transfers that send assets from exchanges.

The top 10 withdrawals are the 10 withdrawal transfers that send the greatest USD value of assets in the time window. Similarly, the top 5% of withdrawals are the 5% of withdrawal transfers that send the greatest USD value of assets in the time window.

The extent to which the buying market is dominated by a few withdrawal transfers can be measured by comparing the total USD value of assets sent by the top 10 and top 5% of withdrawal transfers to the total USD value of assets sent by exchanges.

Dimensions

Dimension Description
time Daily time period
category Exchange category

Variables

Variable Description Time aggregation
withdrawal_transfers Number of withdrawal transfers Average
usd_amount_total USD amount withdrawn Average
usd_amount_top_10 USD amount withdrawn by top 10 withdrawal transfers Average
usd_amount_top_5_perc USD amount withdrawn by top 5% of withdrawal transfers Average

Trade intensity

curl "https://api.markets.chainalysis.com/v1/exchanges/trade-intensity?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "mean": 6.7286,
    "first_quartile": 3.2361,
    "median": 4.2794,
    "third_quartile": 9.4177
  },
  {
    "time": "2020-05-29",
    "mean": 5.9835,
    "first_quartile": 1.5616,
    "median": 3.2309,
    "third_quartile": 6.9013
  }
]

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Relevance

Trade intensity compares the value of order book trades to exchange inflows. An increase in trade intensity suggests more market participants want to buy than to sell.

Definition

The ratio of asset trade volumes to assets received on-chain by top exchanges.

Top exchanges are the up to 15 exchanges that received the most assets in the time period and have spot markets for which we have data. The 1st, 2nd (median), and 3rd quartiles are taken from this set of exchanges. Trade volumes are spot volumes for pairs where the asset is both the quote and the base asset.

Dimensions

Dimension Description
time Daily time period

Variables

Variable Description Time aggregation
mean Mean average trade intensity of top 15 exchanges Average
first_quartile First quartile trade intensity of top 15 exchanges Average
median Median trade intensity of top 15 exchanges Average
third_quartile Third quartile trade intensity of top 15 exchanges Average

Whales

How the largest cryptocurrency holders behave. Our whales metrics describe the source and destination of their assets, and the age, USD cost and gain, and liquidity of the assets they hold, send, and receive.

Whale inflows

curl "https://api.markets.chainalysis.com/v1/whales/whale-inflows?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "category": "illiquid pre-2014 whales",
    "source_category": "other exchanges",
    "asset_amount_direct": 0.0,
    "asset_amount_indirect": 0.0,
    "usd_amount_direct": 0.0,
    "usd_amount_indirect": 0.0
  },
  {
    "time": "2020-05-25",
    "category": "illiquid post-2017 whales",
    "source_category": "other exchanges",
    "asset_amount_direct": 487.899,
    "asset_amount_indirect": 609.39,
    "usd_amount_direct": 4253742.4691,
    "usd_amount_indirect": 5429034.0
  }
]

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Relevance

Inflows to whales, large holders of cryptocurrency, from different types of sources, such as types of exchanges, describe the extent to which whales are buying assets and the source of their purchases. For example, an increase in whale inflows from crypto-to-fiat exchanges shows that whales are buying more cryptocurrency with fiat.

Definition

The amount and source of assets received via the blockchain by mining pools. The source of assets is the last service that assets received by mining pools were sent from.

Services that send to mining pools are grouped into entity categories with mining pools separated out of the generation category. In this metric, assets sent to mining pools shows the amount of assets sent between mining pools.

Dimensions

Dimension Description
time Daily time period
category Whale category
source_category Source entity

Variables

Variable Description Time aggregation
asset_amount_direct Asset amount received directly from source Sum
asset_amount_indirect Asset amount received indirectly from source Sum
usd_amount_direct USD amount received directly from source Sum
usd_amount_indirect USD amount received indirectly from source Sum

Notes

Inflows can be received directly or indirectly from the source category. Direct flows are when the whale and the source are both counterparties of the transfer. Indirect flows are when value is also sent from the source to the whale but via an unknown intermediary. 

Direct flows are a subset of indirect flows. That is to say any value that flows directly between counterparties is also counted in the data for indirect flows. Indirect inflows adds to direct flows the flows where the direct counterparty is unknown. That is to say Chainalysis identifies the ultimate source of inflows where the direct counterparty is unknown, then adds these flows to the direct flows of the relevant source.

Chainalysis calculates indirect flows by tracing the flow of value from known sources through unknown counterparties until the value is received by a whale. This takes into account valuing splitting into transfers to many counterparties, and it is not limited by the number of unknown counterparties that value transfers through.

The total of direct flows and the total of indirect flows are approximately equal. Totals may not be exactly equal as some value is not traced indirectly when it is transferred in amounts below a ‘dust’ level, which are sufficiently low value to not warrant tracing.

Whale outflows

curl "https://api.markets.chainalysis.com/v1/whales/whale-outflows?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "category": "liquid 2014-2017 whales",
    "destination_category": "other exchanges",
    "asset_amount_direct": 0.0,
    "asset_amount_indirect": 0.0,
    "usd_amount_direct": 0.0,
    "usd_amount_indirect": 0.0
  },
  {
    "time": "2020-05-25",
    "category": "illiquid pre-2014 whales",
    "destination_category": "other exchanges",
    "asset_amount_direct": 0.0,
    "asset_amount_indirect": 0.0,
    "usd_amount_direct": 0.0,
    "usd_amount_indirect": 0.0
  }
]

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Relevance

Outflows from whales, large holders of cryptocurrency, to different types of destinations, such as types of exchanges, describe the extent to which whales are selling assets and the destination of their sales. For example, an increase in whale outflows to crypto-to-fiat exchanges shows that whales are selling more cryptocurrency for fiat.

Definition

The amount and destination, direct and indirect, of assets sent via the blockchain by whales, entities that hold large amounts of assets.

A whale is an entity that has held a large amount of assets within its lifetime, that is not a service and is not a fast spent entity (so the entity has held a balance for more than a day). The threshold for the amount of assets that must be held to be a whale varies across cryptocurrencies. For example it is 1,000 bitcoin but 5,000 Ethereum. Whales are grouped by category depending on the lifetime, when they first held a large amount of cryptocurrency, and their liquidity.

Outflows can be sent directly or indirectly to the destination category. Direct flows are when the whale and the destination are both counterparties of the transfer. Indirect flows are when value is also sent to the destination from the whale but via an unknown intermediary.

Dimensions

Dimension Description
time Daily time period
category Whale category
destination_category Destination entity

Variables

Variable Description Time aggregation
asset_amount_direct Asset amount sent directly to destination Sum
asset_amount_indirect Asset amount sent indirectly to destination Sum
usd_amount_direct USD amount sent directly to destination Sum
usd_amount_indirect USD amount sent indirectly to destination Sum

Notes

Outflows can be sent directly or indirectly to the destination category. Direct flows are when the whale and the destination are both counterparties of the transfer. Indirect flows are when value is also sent to the destination from the whale but via an unknown intermediary.

Direct flows are a subset of indirect flows. That is to say any value that flows directly between counterparties is also counted in the data for indirect flows. Indirect inflows adds to direct flows the flows where the direct counterparty is unknown. That is to say Chainalysis identifies the ultimate destination of outflows where the direct counterparty is unknown, then adds these flows to the direct flows of the relevant destination.

Chainalysis calculates indirect flows by tracing the flow of value to known destinations through unknown counterparties. This takes into account valuing splitting into transfers to many counterparties, and it is not limited by the number of unknown counterparties that value transfers through.

The total of direct flows and the total of indirect flows are approximately equal. Totals may not be exactly equal as some value is not traced indirectly when it is transferred in amounts below a ‘dust’ level, which are sufficiently low value to not warrant tracing.

Whale transfers by size

curl "https://api.markets.chainalysis.com/v1/whales/whale-transfers-by-size?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-27",
    "category": "liquid pre-2014 whales",
    "transfer_size": "(10k,100k]",
    "transfers_sent": 0.0,
    "transfers_received": 0.0,
    "asset_amount_sent": 0.0,
    "asset_amount_received": 0.0,
    "usd_amount_sent": 0.0,
    "usd_amount_received": 0.0
  },
  {
    "time": "2020-05-27",
    "category": "liquid post-2017 whales",
    "transfer_size": "(10k,100k]",
    "transfers_sent": 406.0,
    "transfers_received": 379.0,
    "asset_amount_sent": 1846.65,
    "asset_amount_received": 1789.117,
    "usd_amount_sent": 16332696.1635,
    "usd_amount_received": 15823845.2438
  }
]

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The number and value of transfers, sent or received by whales, large holders of cryptocurrency, grouped by the magnitude of the USD value of the transfers. This describes how whales send and receive their assets, either as a small number of high value transfers or a large number of low value transfers. If whales sends a large number of low value transfers then the whale may be acting more as an intermediary, such as an OTC broker, while a whale that receives a small number of high value transfers may be a custodian.

Definition

The number and value of transfers, sent or received by whales, large holders of cryptocurrency, grouped by the magnitude of their USD value.

A whale is an entity that has held a large amount of assets within its lifetime, that is not a service and is not a fast spent entity (so the entity has held a balance for more than a day). The threshold for the amount of assets that must be held to be a whale varies across cryptocurrencies. For example it is 1,000 bitcoin but 5,000 Ethereum. Whales are grouped by category depending on the lifetime, when they first held a large amount of cryptocurrency, and their liquidity.

Dimensions

Dimension Description
time Daily time period
category Whale category
transfer_size USD size of transfer

Variables

Variable Description Time aggregation
transfers_sent Number of transfers sent Sum
transfers_received Number of transfers received Sum
asset_amount_sent Asset amount sent Sum
asset_amount_received Asset amount received Sum
usd_amount_sent USD amount sent Sum
usd_amount_received USD amount received Sum

Notes

Data is grouped in the following groups (units are USD per transfer): [0, 1), [1, 10), [10, 100), [100, 1k), [1k, 10k), [10k, 100k), [100k, 1M), 1M+.

That is to say group [0, 1) contains data on transfers that had a USD value of more than or equal to 0 USD and strictly less than 1 USD.

k represents thousands, so 1k is 1,000. M represents millions, so 1M is 1,000,000.

Whale properties

curl "https://api.markets.chainalysis.com/v1/whales/whale-properties?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2021-02-22",
    "category": "liquid pre-2014 whales",
    "age_group": "[156, 208)",
    "gain_group": "1000+",
    "liquidity_group": "highly liquid",
    "wealth_group": "[0.1, 1)",
    "assets_held": 0.8999,
    "assets_sent": 0.0,
    "assets_received": 0.0035,
    "entities_held": 1,
    "entities_sent": 0,
    "entities_received": 1,
    "transfers_sent": 0,
    "transfers_received": 1,
    "total_age_held": 164.4058,
    "total_age_sent": 0.0,
    "total_age_received": 0.6411,
    "total_liquidity_held": 0.8737,
    "total_liquidity_sent": 0.0,
    "total_liquidity_received": 0.0034,
    "total_usd_cost_held": 2789.8445,
    "total_usd_cost_sent": 0.0,
    "total_usd_cost_received": 10.8794,
    "total_usd_value_held": 47379.6545,
    "total_usd_value_sent": 0.0,
    "total_usd_value_received": 184.7639
  },
  {
    "time": "2021-02-22",
    "category": "liquid 2014-2017 whales",
    "age_group": "[260, 312)",
    "gain_group": "1000+",
    "liquidity_group": "highly liquid",
    "wealth_group": "[100, 1k)",
    "assets_held": 1063.1243,
    "assets_sent": 0.0,
    "assets_received": 0.0,
    "entities_held": 2,
    "entities_sent": 0,
    "entities_received": 2,
    "transfers_sent": 0,
    "transfers_received": 2,
    "total_age_held": 301445.3703,
    "total_age_sent": 0.0,
    "total_age_received": 0.0032,
    "total_liquidity_held": 979.8463,
    "total_liquidity_sent": 0.0,
    "total_liquidity_received": 0.0,
    "total_usd_cost_held": 401389.304,
    "total_usd_cost_sent": 0.0,
    "total_usd_cost_received": 0.0037,
    "total_usd_value_held": 52871275.2003,
    "total_usd_value_sent": 0.0,
    "total_usd_value_received": 0.5415
  }
]

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The age, gain, liquidity, and wealth of whales, large holders of cryptocurrency. For example it describes the amount of assets held by investor whales that acquired their bitcoin post-2017, that are less than 3 months old, have experienced a 10 to 25% USD gain, are illiquid, and have a balance of 10,000 or more of the asset.

This combination of the age, gain, liquidity, and wealth metrics gives a detailed description of the large holders of supply. For example, it can be used to analyse the the amount of cryptocurrency acquired over time by whales of different wealth and age groups and their cost of acquisition, which indicates the level of institutional demand at different price levels.

Definition

Properties is the joint distribution of variables across the four dimensions of age, gain, liquidity and wealth. Whale properties describes this for the set of entities defined as whales.

A whale is an entity that has held a large amount of assets within its lifetime, that is not a service and is not a fast spent entity (so the entity has held a balance for more than a day). The threshold for the amount of assets that must be held to be a whale varies across cryptocurrencies. For example it is 1,000 bitcoin but 5,000 Ethereum. Whales are grouped by category depending on the lifetime, when they first held a large amount of cryptocurrency, and their liquidity.

Age is the number of weeks an entity has held assets on average, across all addresses controlled by the entity, weighted by the amount of assets received and sent over time.

Gain is the weighted average USD value of assets when received by an entity relative to current price, accounting for assets sent, across all addresses controlled by the entity.

Liquidity is the average ratio of net to gross flows of assets of an entity over the lifetime of the entity, across all addresses controlled by the entity. A highly liquid entity sends on average all to ⅔ of the assets it receives, a liquid entity sends ⅔ to ¼ of the assets it receives, and an illiquid entity sends ¼ to none of the assets it receives.

Wealth is the amount of an asset held by an entity, across all addresses controlled by the entity. That is to say the balance of an entity.

Dimensions

Dimension Description
time Weekly time period
category Whale category
age_group Age group (in weeks)
gain_group USD gain group (in % USD gain or loss)
liquidity_group Liquidity group (highly liquid, liquid, or illiquid)
wealth_group Wealth group (in asset amount held)

Variables

Variable Description Time aggregation
assets_held Amount of assets held Average
assets_sent Amount of assets sent Sum
assets_received Amount of assets received Sum
entities_held Number of entities holding Average
entities_sent Number of entities sending Average
entities_received Number of entities receiving Average
transfers_sent Number of transfers sent Sum
transfers_received Number of transfers received Sum
total_age_held Total age of assets held (asset amount * weeks) Average
total_age_sent Total age of assets sent (asset amount * weeks) Sum
total_age_received Total age of assets received (asset amount * weeks) Sum
total_liquidity_held Total liquidity of assets held (asset amount * liquidity, where 0 is fully illiquid, 1 is fully liquid) Average
total_liquidity_sent Total liquidity of assets sent (asset amount * liquidity, where 0 is fully illiquid, 1 is fully liquid) Sum
total_liquidity_received Total liquidity of assets received (asset amount * liquidity, where 0 is fully illiquid, 1 is fully liquid) Sum
total_usd_cost_held Total USD cost of assets held (asset amount * cost) Average
total_usd_cost_sent Total USD cost of assets received (asset amount * cost) Sum
total_usd_cost_received Total USD cost of assets sent (asset amount * cost) Sum
total_usd_value_held Total USD value of assets held (asset amount * price) Average
total_usd_value_sent Total USD value of assets received (asset amount * price) Sum
total_usd_value_received Total USD value of assets sent (asset amount * price) Sum

Notes

This metric is only delivered via flat file.

Data is grouped in the groups of the Age, Gain, Liquidity, and Wealth metrics. In addition, data is grouped by whale category. So, for example, it describes the amount of assets held by illiquid post-2017 whales that are 2 to 4 weeks old, have experienced a 10 to 25% USD gain, are illiquid, and have a balance of 1,000 to 10,000 units of the asset.

Note that a whale is an entity that has held a large amount of assets within its lifetime. A whale does not necessarily hold a large amount of assets throughout its entire lifetime. So the balance of a whale can, in some time periods, be below the threshold of assets that must be held in at least one time period to be a whale.

The weighted average age of holdings across groups can be calculated (within a time period) by summing, across groups, total_age_held and, separately, assets_held, then dividing the sum of total_age_held by the sum of assets_held. This can be applied equivalently to sent and received variables. It can also be applied equivalently for the average cost, using total_usd_cost_held, gain, using total_usd_value_held minus total_usd_cost_held, and liquidity, using total_liquidity_held.

The weighted average holdings across groups can be calculated (within a time period) by summing, across groups, assets_held and, separately, entities_held, then dividing the sum of assets_held by the sum of entities_held. This can be applied equivalently to sent and received variables.

The properties of assets sent are the properties of assets held by the entities that send assets in a time period, while the properties of assets received are the properties of the assets held by the entities that receive assets in a time period. So comparing the groups that send versus receive indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.

Generation

The distribution of newly issued cryptocurrencies. Our generation metrics describe who receives new assets, how much mining pools hold, the level and source of fees, plus statistics on blocks.

Destination of new assets

curl "https://api.markets.chainalysis.com/v1/generation/destination-of-new-assets?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "category": "crypto-to-crypto exchanges",
    "asset_amount": 376.095,
    "usd_amount": 3310440.5
  },
  {
    "time": "2020-05-25",
    "category": "crypto-to-fiat exchanges",
    "asset_amount": 253.57,
    "usd_amount": 2240578.5
  }
]

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For mined assets, such as bitcoin, mining pools typically receive newly mined assets, then distribute these to miners who are members of the pool. Miners may then send assets to other destinations, such as exchanges, where assets may be sold to cover the costs of mining. Mining pools can also receive assets from other sources, and if these assets are sent on by mining pools then the destination of these assets is recorded here.

For issued assets, such as Tether, newly issued assets are distributed from a treasury to partners. Partners may then send assets to other destinations, such as exchanges, where assets may be used in trading.

Definition

The amount of assets received via the blockchain by the first service that assets from mining pools or asset issuers are sent to.

Services that receive from mining pools are grouped into entity categories with mining pools separated out of the generation category. In this metric, assets received by mining pools shows the amount of assets held by mining pools.

Dimensions

Dimension Description
time Daily time period
category Destination entity

Variables

Variable Description Time aggregation
asset_amount Amount of new assets received by destination Sum
usd_amount USD amount of new assets received by destination Sum

Mining pool source of assets

curl "https://api.markets.chainalysis.com/v1/generation/mining-pool-source-of-assets?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "category": "crypto-to-crypto exchanges",
    "asset_amount": 116.41,
    "usd_amount": 1022201.0
  },
  {
    "time": "2020-05-25",
    "category": "crypto-to-fiat exchanges",
    "asset_amount": 23.0,
    "usd_amount": 203834.5
  }
]

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Mining pools typically receive newly mined assets but can also receive assets from other sources, such as exchanges. The extent to which mining pools receive assets from other sources describes the extent to which they engage in business beyond mining, for example trading.

Definition

The amount and source of assets received via the blockchain by mining pools. The source of assets is the last service that assets received by mining pools were sent from.

Dimensions

Dimension Description
time Daily time period
category Source entity

Variables

Variable Description Time aggregation
asset_amount Asset amount received by mining pools Sum
usd_amount USD amount received by mining pools Sum

Notes

Mining pool source of assets is only provided for mined assets as they are mined and so can have mining pools, while issued assets are not mined.

Mining pool balances

curl "https://api.markets.chainalysis.com/v1/generation/mining-pool-balances?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "asset_amount": 23139.7565
  },
  {
    "time": "2020-05-29",
    "asset_amount": 23089.0943
  }
]

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Mining pools hold assets when they have received newly mined assets but have not yet distributed these to miners in the pool, and if they wish to keep their profits in the asset rather than sell for fiat. An increase in mining pool balances suggests that mining pools prefer to keep profits in the asset rather than convert profits to fiat.

Definition

The amount of an asset held by all mining pools, across all addresses controlled by mining pools, known to Chainalysis.

The amount of assets held is equal to the cumulative difference between asset inflows and outflows on all mining pools known to Chainalysis. Outflows are the maximum possible outflows. Some of these outflows may in fact be transfers within a mining pool, for example to more secure storage, that Chainalysis has not yet identified as internal, so these transfers appear as an outflow. So possible outflows are the upper bound of outflows, and therefore balances are a lower bound.

Dimensions

Dimension Description
time Daily time period

Variables

Variable Description Time aggregation
asset_amount Asset amount held by mining pools Average

Notes

Mining pool balances is only provided for mined assets as they are mined and so can have mining pools, while issued assets are not mined.

Fee stats

curl "https://api.markets.chainalysis.com/v1/generation/fee-stats?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "fees_count": 299834,
    "asset_amount": 88.3424,
    "usd_amount": 813157.9636,
    "fee_ratio_multiple": 10.2679,
    "mean": 0.0003,
    "first_quartile": 0.0001,
    "median": 0.0002,
    "third_quartile": 0.0003
  },
  {
    "time": "2020-05-29",
    "fees_count": 280964,
    "asset_amount": 94.1095,
    "usd_amount": 901541.8414,
    "fee_ratio_multiple": 9.4343,
    "mean": 0.0003,
    "first_quartile": 0.0001,
    "median": 0.0002,
    "third_quartile": 0.0003
  }
]

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Fees are paid by entities when they make a transfer on the blockchain, so they indicate the value that entities place on making a transfer relative to the capacity of the blockchain to make transfers. The greater the fees, the more valuable it must be for entities to transfer assets.

Definition

Statistics on the total number and value of fees; and the mean, and 1st, 2nd (median), and 3rd quartile value of fees; and the Fee Ratio Multiple, the ratio of total fees to the total of newly mined or issued assets and fees.

Dimensions

Dimension Description
time Daily time period

Variables

Variable Description Time aggregation
fees_count Number of fees Sum
asset_amount Asset amount of fees Sum
usd_amount USD amount of fees Sum
fee_ratio_multiple Fee ratio multiple Average
mean Mean average fee in asset amount Average
first_quartile First quartile fee in asset amount Average
median Median fee in asset amount Average
third_quartile Third quartile fee in asset amount Average

Notes

Fee stats is provided only for mined assets as fees for issued assets are paid in units of the mined asset that the issued asset is issued on. For example, to transfer Tether on the Bitcoin blockchain, fees are paid in bitcoin.

Fees by category

curl "https://api.markets.chainalysis.com/v1/generation/fees-by-category?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "category": "defi",
    "asset_amount": 0.0,
    "usd_amount": 0.0,
    "perc_of_fees": 0.0
  },
  {
    "time": "2020-05-28",
    "category": "merchant services",
    "asset_amount": 1.4129,
    "usd_amount": 13004.9653,
    "perc_of_fees": 0.016
  }
]

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Fees are paid by entities when they make a transfer on the blockchain. Fees by category shows the extent to which different types of users are paying to transfer assets on the blockchain. The greater the fees paid by a category, the more valuable it must be for entities in the category to transfer assets.

Definition

The total value of fees paid by category of entity.

Dimensions

Dimension Description
time Daily time period
category Entity category

Variables

Variable Description Time aggregation
asset_amount Asset amount of fees Sum
usd_amount USD amount of fees Sum
perc_of_fees Assets paid in fees by category as a % share of total fees Average

Notes

Percentage data is represented such that 99.9 equals 99.9%.

Fees by category is provided only for mined assets as fees for issued assets are paid in units of the mined asset that the issued asset is issued on. For example, to transfer Tether on the Bitcoin blockchain, fees are paid in bitcoin.

Block stats

curl "https://api.markets.chainalysis.com/v1/generation/block-stats?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "block_height": 632108,
    "block_production": 131,
    "block_reward": 907.0924,
    "mean": 664.4351,
    "first_quartile": 199,
    "median": 413,
    "third_quartile": 959
  },
  {
    "time": "2020-05-29",
    "block_height": 632235,
    "block_production": 127,
    "block_reward": 887.8595,
    "mean": 688.874,
    "first_quartile": 147,
    "median": 322,
    "third_quartile": 914
  }
]

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The number of blocks produced and the time taken to produce blocks gives insight into the ability of a blockchain to settle transactions efficiently, and the incentives of those who generate consensus.

Definition

Statistics on the number of blocks produced and the time intervals between them.

Dimensions

Dimension Description
time Daily time period

Variables

Variable Description Time aggregation
block_height Block height Use value of the last time period of the aggregation
block_production Number of blocks produced Sum
block_reward Assets created as block rewards Sum
mean Mean average time interval between blocks in seconds Average
first_quartile First quartile time interval between blocks in seconds Average
median Median time interval between blocks in seconds Average
third_quartile Third quartile time interval between blocks in seconds Average

Notes

A block contains a list of transactions that have occurred, as long as there is consensus that the block should be appended to the canonical blockchain. Consensus is achieved via different methods on different blockchains, for example proof of work or proof of stake. Proof of work is currently the most common method of consensus, for example it is used by Bitcoin.

Block stats for issued assets are for the mined asset that the issued asset is issued on. For example, block stats for Tether on the Bitcoin blockchain are the block stats for bitcoin. As a result, block rewards are not included in the block stats for issued assets as block rewards are in units of the mined asset and accrue to miners of the mined asset.

Risk

The level and nature of illicit activity native to cryptocurrency. Our risk metrics describe the scale of illicit activity, how illicit funds are placed, and the level of assets yet to be laundered.

Illicit flows

curl "https://api.markets.chainalysis.com/v1/risk/illicit-flows?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "asset_amount": 2693.7879,
    "usd_amount": 24795294.1132,
    "illicit_flows_perc": 0.7702
  },
  {
    "time": "2020-05-29",
    "asset_amount": 2407.2571,
    "usd_amount": 23060824.511,
    "illicit_flows_perc": 0.5614
  }
]

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The flow of assets to and from illicit services can be observed due to the transparency of the blockchain. Illicit flows are serious and can be worth significant amounts, but are typically a small minority of total flows.

Definition

The amount of asset received and sent via the blockchain by all illicit services known to Chainalysis, excluding direct transfers between illicit services.

Dimensions

Dimension Description
time Daily time period

Variables

Variable Description Time aggregation
asset_amount Asset amount received and sent by known illicit entities Sum
usd_amount USD amount received and sent by known illicit entities Sum
illicit_flows_perc Known illicit flows as a % share of total flows Average

Notes

Chainalysis identifies illicit activity that is native to the blockchain. This data is therefore a lower bound as it covers only illicit activity known to Chainalysis, and it does not include illicit activity involving cryptocurrency that is not native to the blockchain, for example the laundering of fiat currencies via cryptocurrencies.

Percentage data is represented such that 99.9 equals 99.9%.

Illicit flows are currently provided for bitcoin and Ethereum only.

Illicit placement

curl "https://api.markets.chainalysis.com/v1/risk/illicit-placement?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "source_category": "darknet markets",
    "destination_category": "crypto-to-crypto exchanges",
    "asset_amount": 155.645,
    "usd_amount": 1370048.5
  },
  {
    "time": "2020-05-25",
    "source_category": "darknet markets",
    "destination_category": "crypto-to-fiat exchanges",
    "asset_amount": 61.43,
    "usd_amount": 547131.5
  }
]

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Illicit funds are placed into legitimate services, as the first stage of money laundering. Different types of illicit services may favour placing funds into different types of legitimate service.

Definition

The amount of assets received via the blockchain by legitimate services from known illicit services.

Dimensions

Dimension Description
time Daily time period
source_category Source illicit entity
destination_category Destination entity

Variables

Variable Description Time aggregation
asset_amount Asset amount received by legitimate services from known illicit entities Sum
usd_amount USD amount received by legitimate services from known illicit entities Sum

Notes

Chainalysis identifies illicit activity that is native to the blockchain. This data is therefore a lower bound as it covers only illicit activity known to Chainalysis, and it does not include illicit activity involving cryptocurrency that is not native to the blockchain, for example the laundering of fiat currencies via cryptocurrencies.

Illicit placement is currently provided for bitcoin and Ethereum only.

Illicit balances

curl "https://api.markets.chainalysis.com/v1/risk/illicit-balances?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-25",
    "category": "darknet markets",
    "asset_amount": 405129.4085
  },
  {
    "time": "2020-05-25",
    "category": "other illicit entities",
    "asset_amount": 3885.6171
  }
]

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Illicit services, or their counterparties, retain assets they receive until they can be placed into legitimate services for laundering. Illicit funds held therefore represent the known scale of future potential laundering.

Definition

The upper bound of assets held by known illicit services, calculated as the difference between total asset inflows to known illicit services and the total amount of assets placed by known illicit services into legitimate services.

Dimensions

Dimension Description
time Daily time period
category Illicit entity category

Variables

Variable Description Time aggregation
asset_amount Upper bound asset amount held by known illicit entities Sum

Notes

Chainalysis identifies illicit activity that is native to the blockchain. This data is therefore a lower bound as it covers only illicit activity known to Chainalysis, and it does not include illicit activity involving cryptocurrency that is not native to the blockchain, for example the laundering of fiat currencies via cryptocurrencies.

Illicit balances are currently provided for bitcoin and Ethereum only.

Entities

How many users a cryptocurrency has. Our entities metrics describe the number of active and new users of a cryptocurrency.

Active entities

curl "https://api.markets.chainalysis.com/v1/entities/active-entities?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "active_entities": 355389,
    "active_sending_entities": 209884,
    "active_receiving_entities": 277403,
    "active_economic_entities": 214242,
    "active_economic_sending_entities": 91395,
    "active_economic_receiving_entities": 155624,
    "active_fast_spent_entities": 141147
  },
  {
    "time": "2020-05-29",
    "active_entities": 332770,
    "active_sending_entities": 193431,
    "active_receiving_entities": 261017,
    "active_economic_entities": 198408,
    "active_economic_sending_entities": 82090,
    "active_economic_receiving_entities": 146712,
    "active_fast_spent_entities": 134362
  }
]

Subscription:Core Subscription:Advanced Subscription:Premium

Relevance

The number of active entities is the upper bound estimate of the number of users transacting daily on the blockchain. The greater the number of active entities, the greater the use of the asset.

Definition

Active entities are entities that send or receive a transfer via the blockchain within the time period. Active entities can be divided into economic and fast spent entities. Economic entities are active entities that hold assets for more than a day, so are a more accurate estimate of the number of users. Fast spent entities are active entities that hold assets for less than a day. They are typically created by other entities to manage the transfer of assets so do not represent distinct users.

Dimensions

Dimension Description
time Daily time period
For weekly time period use active-entities-weekly
For monthly time period use active-entities-monthly

Variables

Variable Description Time aggregation
active_entities Number of active entities Use metric: active-entities-weekly or active-entities-monthly
active_sending_entities Number of active sending entities Use metric: active-entities-weekly or active-entities-monthly
active_receiving_entities Number of active receiving entities Use metric: active-entities-weekly or active-entities-monthly
active_economic_entities Number of active economic entities Use metric: active-entities-weekly or active-entities-monthly
active_economic_sending_entities Number of active economic sending entities Use metric: active-entities-weekly or active-entities-monthly
active_economic_receiving_entities Number of active economic receiving entities Use metric: active-entities-weekly or active-entities-monthly
active_fast_spent_entities Number of active fast spent entities Use metric: active-entities-weekly or active-entities-monthly

Notes

The number of active economic entities and fast spent entities equals the number of active entities. The number of sending entities and the number of receiving entities is greater or equal to the number of sending or receiving entities.

Net new entities

curl "https://api.markets.chainalysis.com/v1/entities/net-new-entities?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "new_entities": 191263,
    "disappearing_entities": 177570,
    "net_new_entities": 13693
  },
  {
    "time": "2020-05-29",
    "new_entities": 180565,
    "disappearing_entities": 162812,
    "net_new_entities": 17753
  }
]

Subscription:Core Subscription:Advanced Subscription:Premium

Relevance

The number of net new entities is the upper bound estimate of the change in the number of people and businesses holding cryptocurrency on the blockchain. The greater the number of net new entities, the faster the adoption of the asset.

Definition

Net new entities is the difference between new entities and disappearing entities in a time period. New entities are entities that receive their first transfer, and so start to hold assets, in the time period. Disappearing entities are entities that held assets at the start of the time period but hold no assets at the end of the time period. An entity is counted as disappearing only in the latest time period that its balance goes to zero.

Dimensions

Dimension Description
time Daily time period

Variables

Variable Description Time aggregation
new_entities Number of new entities Sum
disappearing_entities Number of disappearing entities Sum
net_new_entities Number of net new entities Sum

Notes

Fast spent entities, entities that receive their first transfer and send their last transfer within the UTC day and have a zero balance at the start and end of the day, are counted as both new and disappearing entities. So the net growth in entities naturally removes fast spent entities.

New addresses by category

curl "https://api.markets.chainalysis.com/v1/entities/new-addresses-by-category?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "category": "merchant services",
    "new_addresses": 11159,
    "new_addresses_rate": 0.1292
  },
  {
    "time": "2020-05-28",
    "category": "self-hosted",
    "new_addresses": 315102,
    "new_addresses_rate": 3.647
  }
]

Subscription:Core Subscription:Advanced Subscription:Premium

Relevance

Entities create addresses to receive, hold, or send cryptocurrency. The number of new addresses by category shows the extent to which different types of users are using the blockchain. The greater the number of new addresses, the greater the use of the blockchain.

Definition

An address is a digital destination created to receive, hold, or send cryptocurrency. An address is new when it first receives cryptocurrency. An entity can create as many addresses as they wish. Entities are grouped by category, including businesses, such as exchanges, and unknown entities, such as self-hosted wallets.

Dimensions

Dimension Description
time Daily time period
category Entity category

Variables

Variable Description Time aggregation
new_addresses Number of new addresses Sum
new_addresses_rate Number of new addresses per second Average

Transfers

How cryptocurrency changes hands. Our transfers metrics describe the value and type of transfers made using cryptocurrency.

Transfer stats

curl "https://api.markets.chainalysis.com/v1/transfers/transfer-stats?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "transaction_count": 299910,
    "transaction_rate": 3.4712,
    "transfer_count": 683856,
    "transfer_rate": 7.915,
    "asset_amount": 349745.721,
    "asset_amount_mean": 0.5114,
    "asset_amount_first_quartile": 0.0027,
    "asset_amount_median": 0.0106,
    "asset_amount_third_quartile": 0.0538,
    "usd_amount": 3219276458.3164,
    "usd_amount_mean": 4707.5356,
    "usd_amount_first_quartile": 25.0548,
    "usd_amount_median": 97.5264,
    "usd_amount_third_quartile": 495.3503
  },
  {
    "time": "2020-05-29",
    "transaction_count": 280960,
    "transaction_rate": 3.2519,
    "transfer_count": 654146,
    "transfer_rate": 7.5711,
    "asset_amount": 428757.7243,
    "asset_amount_mean": 0.6554,
    "asset_amount_first_quartile": 0.0028,
    "asset_amount_median": 0.0106,
    "asset_amount_third_quartile": 0.0528,
    "usd_amount": 4107374658.6692,
    "usd_amount_mean": 6278.9877,
    "usd_amount_first_quartile": 26.8232,
    "usd_amount_median": 101.6503,
    "usd_amount_third_quartile": 506.0854
  }
]

Subscription:Core Subscription:Advanced Subscription:Premium

Relevance

Transfers are the movement of assets between entities, so they indicate the extent to which assets change hands, for example to trade, invest, or purchase goods and services. The greater the number and value of transfers, the greater the economic activity occurring on the asset.

Definition

Statistics on the total number, and number per second, of transactions and transfers; and the total, mean, and 1st, 2nd (median), and 3rd quartile value of transfers.

A transfer is the movement of value from one entity to one other entity. A transaction can contain multiple transfers, for example when an exchange batches payments to many recipients in a single transaction. So transfers are the movement of value from one entity to one entity, while transactions can be either one to one or one to many. Internal transfers and transactions are excluded but fast spent transfers and transactions are not.

Dimensions

Dimension Description
time Daily time period

Variables

Variable Description Time aggregation
transaction_count Number of transactions Sum
transaction_rate Number of transactions per second Average
transfer_count Number of transfers Sum
transfer_rate Number of transfers per second Average
asset_amount Asset amount transferred Sum
asset_amount_mean Mean average transfer in asset amount Average
asset_amount_first_quartile First quartile transfer in asset amount Average
asset_amount_median Median transfer in asset amount Average
asset_amount_third_quartile Third quartile transfer in asset amount Average
usd_amount USD amount transferred Sum
usd_amount_mean Mean average transfer in USD amount Average
usd_amount_first_quartile First quartile transfer in USD amount Average
usd_amount_median Median transfer in USD amount Average
usd_amount_third_quartile Third quartile transfer in USD amount Average

Transfers by category

curl "https://api.markets.chainalysis.com/v1/transfers/transfers-by-category?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2020-05-28",
    "total_transfer_count": 790532,
    "internal_transfer_count": 106676,
    "fast_spent_transfer_count": 251842,
    "asset_amount_total_transfer": 839340.5209,
    "asset_amount_internal_transfer": 489594.7999,
    "asset_amount_fast_spent_transfer": 145885.6318,
    "usd_amount_total_transfer": 7725810545.1597,
    "usd_amount_internal_transfer": 4506534086.8433,
    "usd_amount_fast_spent_transfer": 1342821803.912
  },
  {
    "time": "2020-05-29",
    "total_transfer_count": 756703,
    "internal_transfer_count": 102557,
    "fast_spent_transfer_count": 239464,
    "asset_amount_total_transfer": 1047675.4805,
    "asset_amount_internal_transfer": 618917.7563,
    "asset_amount_fast_spent_transfer": 173503.8888,
    "usd_amount_total_transfer": 10036427277.4669,
    "usd_amount_internal_transfer": 5929052618.7978,
    "usd_amount_fast_spent_transfer": 1662116938.6035
  }
]

Subscription:Core Subscription:Advanced Subscription:Premium

Relevance

Transfers are the movement of assets between entities. Transfers by category shows the extent to which transfers are changing hands or used moving assets internally within an entity. The greater the number and value of transfers by a category, the greater the type of activity.

Definition

The total number and value of transfers by category. Categories are internal transfers, which are transfers within services, businesses such as exchanges, to manage funds they control, and fast spent transfers, which are transfers by fast spent entities. Fast spent entities hold assets for less than a day. They are typically created by other entities to manage the transfer of assets so do not represent distinct users.

Internal and fast spent transfers can be subtracted from total transfers to give a more accurate estimate of the value transferred between distinct entities.

Dimensions

Dimension Description
time Daily time period

Variables

Variable Description Time aggregation
total_transfer_count Number of transfers Sum
internal_transfer_count Number of internal transfers Sum
fast_spent_transfer_count Number of fast spent transfers Sum
asset_amount_total_transfer Asset amount transferred Sum
asset_amount_internal_transfer Asset amount transferred by internal transfers Sum
asset_amount_fast_spent_transfer Asset amount transferred by fast spent transfers Sum
usd_amount_total_transfer USD amount transferred Sum
usd_amount_internal_transfer USD amount transferred by internal transfers Sum
usd_amount_fast_spent_transfer USD amount transferred by fast spent transfers Sum

Per service

The blockchain activity of individual businesses. Our Per service metrics describe the assets held, sent and received by each of the over 4,000 services that Chainalysis tracks. We also measure the number and size of their customers, and the size and timing of transfers, as well as the overall properties of these businesses.

Service inflows

curl "https://api.markets.chainalysis.com/v1/per-service/service-inflows?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2021-02-22",
    "name": "service_0",
    "category": "illicit entities",
    "transfers_received": 2,
    "asset_amount": 0.018,
    "usd_amount": 999.2835
  },
  {
    "time": "2021-02-22",
    "name": "service_1",
    "category": "illicit entities",
    "transfers_received": 3,
    "asset_amount": 0.0144,
    "usd_amount": 821.2989
  }
]

Subscription:Premium

Relevance

Businesses receive cryptocurrency when customers purchase goods and services from the business, or wish to sell or store their assets if the business is an exchange. An increase in inflows indicates an increase in demand for the business.

Definition

The amount of assets received via the blockchain by the service.

Dimensions

Dimension Description
time Daily time period
name Service name
category Entity category

Variables

Variable Description Time aggregation
transfers_received Number of transfers received Sum
asset_amount Asset amount received by the service Sum
usd_amount USD amount received by the service Sum

Notes

This metric is only delivered via flat file.

Service outflows

curl "https://api.markets.chainalysis.com/v1/per-service/service-outflows?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2021-02-22",
    "name": "service_0",
    "category": "illicit entities",
    "transfers_sent": 1,
    "asset_amount": 0.0083,
    "usd_amount": 470.7197
  },
  {
    "time": "2021-02-22",
    "name": "service_1",
    "category": "other named services",
    "transfers_sent": 103,
    "asset_amount": 20.7644,
    "usd_amount": 1146484.178
  }
]

Subscription:Premium

Relevance

Businesses send cryptocurrency when they make payments to cover the costs of the goods and services they provide, the business withdraws profit, or if customers withdraw their assets from the business. An increase in outflows can therefore indicate a range of outcomes but typically indicates a decrease in demand for the business.

Definition

The amount of assets withdrawn via the blockchain from the service.

Service outflows are an upper bound, as they reflect all possible outflows. However, some of these outflows may in fact be transfers within the service, for example to more secure storage, that Chainalysis has not yet identified as internal, so these transfers appear as an outflow.

Dimensions

Dimension Description
time Daily time period
name Service name
category Entity category

Variables

Variable Description Time aggregation
transfers_sent Number of transfers sent Sum
asset_amount Asset amount sent by the service Sum
usd_amount USD amount sent by the service Sum

Notes

This metric is only delivered via flat file.

Service balance

curl "https://api.markets.chainalysis.com/v1/per-service/service-balance?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2021-02-22",
    "name": "service_0",
    "category": "illicit entities",
    "asset_amount": 3.7088
  },
  {
    "time": "2021-02-22",
    "name": "service_1",
    "category": "illicit entities",
    "asset_amount": 0.0056
  }
]

Subscription:Premium

Relevance

Businesses hold assets to fund operations, as profits, or on behalf of customers. An increase in balance indicates an increase in demand for the business and that the business controls a greater share of supply.

Definition

The amount of assets held by the service on the blockchain.

Service balance is a lower bound, as all possible outflows are subtracted from the balance. However, some of these outflows may in fact be transfers within the service, for example to more secure storage, that Chainalysis has not yet identified as internal, so these transfers appear as an outflow.

Dimensions

Dimension Description
time Daily time period
name Service name
category Entity category

Variables

Variable Description Time aggregation
asset_amount Amount of assets held Average

Notes

This metric is only delivered via flat file.

Service counterparties

curl "https://api.markets.chainalysis.com/v1/per-service/service-counterparties?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2021-02-22",
    "name": "service_0",
    "category": "other exchanges",
    "counterparties_sent": 46.0,
    "new_counterparties_sent": 9.0,
    "usd_amount_total_sent": 1236055.9573,
    "usd_amount_top_10_sent": 1234546.7268,
    "usd_amount_top_5_perc_sent": 1225127.5136,
    "counterparties_received": 46.0,
    "new_counterparties_received": 28.0,
    "usd_amount_total_received": 377345.3678,
    "usd_amount_top_10_received": 352614.6207,
    "usd_amount_top_5_perc_received": 320154.9606
  },
  {
    "time": "2021-02-22",
    "name": "service_1",
    "category": "illicit entities",
    "counterparties_sent": 2.0,
    "new_counterparties_sent": 1.0,
    "usd_amount_total_sent": 32.8342,
    "usd_amount_top_10_sent": 32.8342,
    "usd_amount_top_5_perc_sent": 32.8342,
    "counterparties_received": 2.0,
    "new_counterparties_received": 0.0,
    "usd_amount_total_received": 121.7116,
    "usd_amount_top_10_received": 121.7116,
    "usd_amount_top_5_perc_received": 121.7116
  }
]

Subscription:Premium

Relevance

The number of counterparties sending and receiving assets to and from a business, and the dominance of the largest counterparties, measures the diversity of sources and destinations for assets on exchanges. The fewer the counterparties, and the greater the share of assets to and from the largest counterparties, the lower the diversity of the business' customers.

As counterparties includes other businesses, the number of counterparties is less than the number of individuals sending and receiving assets to and from the business. This is because many individuals can send or receive if they are all part of the same counterparty, such as an exchange. The number of individuals sending to or receiving from businesses is measured by the per service deposits and withdrawals metrics.

Definition

The number of service counterparties is the number of unique businesses and unknown entities, such as self-hosted wallets, that directly send and receive assets to and from a service.

The top 10 counterparties are the 10 counterparties that send, or receive, the greatest USD value of assets to, or from, the service in the time window. Similarly, the top 5% of counterparties are the 5% of counterparties that send, or receive, the greatest USD value of assets to, or from, the service in the time window.

The extent to which the service is dominated by a few counterparties can be measured by comparing the total USD value of assets sent or received by the top 10 and top 5% of counterparties to the total USD value of assets sent or received by all counterparties.

Dimensions

Dimension Description
time Daily time period
name Service name
category Entity category

Variables

Variable Description Time aggregation
counterparties_sent Number of counterparties that the service sends to Average
new_counterparties_sent Number of new counterparties that the service sends to Sum
usd_amount_total_sent USD amount sent to all counterparties Average
usd_amount_top_10_sent USD amount sent to top 10 counterparties Average
usd_amount_top_5_perc_sent USD amount sent to top 5% of counterparties Average
counterparties_received Number of counterparties that the service receives from Average
new_counterparties_received Number of new counterparties that the service receives from Sum
usd_amount_total_received USD amount received from all counterparties Average
usd_amount_top_10_received USD amount received from top 10 counterparties Average
usd_amount_top_5_perc_received USD amount received from top 5% of counterparties Average

Notes

This metric is only delivered via flat file.

Service deposits

curl "https://api.markets.chainalysis.com/v1/per-service/service-deposits?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2021-02-22",
    "name": "service_0",
    "category": "other exchanges",
    "deposit_addresses": 19.0,
    "new_deposit_addresses": 15.0,
    "usd_amount_total": 23539.1678,
    "usd_amount_top_10": 22619.5635,
    "usd_amount_top_5_perc": 20543.3843
  },
  {
    "time": "2021-02-22",
    "name": "service_1",
    "category": "generation",
    "deposit_addresses": 149.0,
    "new_deposit_addresses": 6.0,
    "usd_amount_total": 4096610.2686,
    "usd_amount_top_10": 3304906.0988,
    "usd_amount_top_5_perc": 3304906.0988
  }
]

Subscription:Premium

Relevance

The number of deposit addresses receiving assets at a business indicates the number of individual users of the business who are depositing assets, typically to sell them or in return for a good or service.

The total number and dominance of the largest deposit addresses measures the level of competition amongst sellers of assets or buyers of goods or services. The fewer the deposit addresses and the greater the share of assets deposited to the largest deposit addresses, the less competition there is.

Definition

The number of service deposits is the number of unique deposit addresses that receive assets on a service.

The top 10 deposits are the 10 deposit addresses that receive the greatest USD value of assets in the time window. Similarly, the top 5% of deposits are the 5% of deposit addresses that receive the greatest USD value of assets in the time window.

The extent to which a service's inflows are dominated by a few deposit addresses can be measured by comparing the total USD value of assets received by the top 10 and top 5% of deposit addresses to the total USD value of assets received by the service.

Dimensions

Dimension Description
time Daily time period
name Service name
category Entity category

Variables

Variable Description Time aggregation
deposit_addresses Number of active deposit addresses Average
new_deposit_addresses Number of new deposit addresses Sum
usd_amount_total USD amount deposited Average
usd_amount_top_10 USD amount deposited to top 10 deposit addresses Average
usd_amount_top_5_perc USD amount deposited to top 5% of deposit addresses Average

Notes

This metric is only delivered via flat file.

Service withdrawals

curl "https://api.markets.chainalysis.com/v1/per-service/service-withdrawals?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2021-02-22",
    "name": "service_0",
    "category": "illicit entities",
    "withdrawal_transfers": 1,
    "usd_amount_total": 470.7197,
    "usd_amount_top_10": 470.7197,
    "usd_amount_top_5_perc": 470.7197
  },
  {
    "time": "2021-02-22",
    "name": "service_1",
    "category": "other named services",
    "withdrawal_transfers": 103,
    "usd_amount_total": 1146484.178,
    "usd_amount_top_10": 992339.8394,
    "usd_amount_top_5_perc": 913160.4316
  }
]

Subscription:Premium

Relevance

The number of withdrawal transfers sending assets from a business indicates the number of individual users of a business who are withdrawing assets, typically after they have bought these assets, or as they incur costs.

The total number and dominance of the largest withdrawal transfers measures the level of competition amongst buyers in the market. The fewer the withdrawal transfers and the greater the share of assets withdrawn by the largest withdrawal transfers, the less competition there is amongst buyers.

Definition

The number of withdrawals is the number of unique withdrawal transfers that send assets from a service.

The top 10 withdrawals are the 10 withdrawal transfers that send the greatest USD value of assets in the time window. Similarly, the top 5% of withdrawals are the 5% of withdrawal transfers that send the greatest USD value of assets in the time window.

The extent to which a service's outflows are dominated by a few withdrawal transfers can be measured by comparing the total USD value of assets sent by the top 10 and top 5% of withdrawal transfers to the total USD value of assets sent by the service.

Dimensions

Dimension Description
time Daily time period
name Service name
category Entity category

Variables

Variable Description Time aggregation
withdrawal_transfers Number of withdrawal transfers Average
usd_amount_total USD amount withdrawn Average
usd_amount_top_10 USD amount withdrawn by top 10 withdrawal transfers Average
usd_amount_top_5_perc USD amount withdrawn by top 5% of withdrawal transfers Average

Notes

This metric is only delivered via flat file.

Service transfers by size

curl "https://api.markets.chainalysis.com/v1/per-service/service-transfers-by-size?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2021-02-22",
    "name": "service_0",
    "category": "other exchanges",
    "transfer_size": "[1k, 10k)",
    "transfers_sent": 0.0,
    "transfers_received": 12.0,
    "asset_amount_sent": 0.0,
    "asset_amount_received": 0.9231,
    "usd_amount_sent": 0.0,
    "usd_amount_received": 50076.3402
  },
  {
    "time": "2021-02-22",
    "name": "service_1",
    "category": "other exchanges",
    "transfer_size": "[10, 100)",
    "transfers_sent": 0.0,
    "transfers_received": 23.0,
    "asset_amount_sent": 0.0,
    "asset_amount_received": 0.0231,
    "usd_amount_sent": 0.0,
    "usd_amount_received": 1282.966
  }
]

Subscription:Premium

Relevance

The number and value of transfers, sent or received by a business, grouped by the magnitude of the USD value of the transfers.

This describes how the business sends and receives assets, for example either as a small number of high value transfers or a large number of low value transfers. If a business receives a large number of low value transfers then it likely sells low value products to a large number of customers, for example a merchant service, while a business that receives a small number of high value transfers may be a custodian.

Definition

The number and value of transfers, sent or received by a service, grouped by the magnitude of their USD value.

Dimensions

Dimension Description
time Daily time period
name Service name
category Entity category
transfer_size USD size of transfer

Variables

Variable Description Time aggregation
transfers_sent Number of transfers sent Sum
transfers_received Number of transfers received Sum
asset_amount_sent Asset amount sent Sum
asset_amount_received Asset amount received Sum
usd_amount_sent USD amount sent Sum
usd_amount_received USD amount received Sum

Notes

This metric is only delivered via flat file.

Data is grouped in the following groups (units are USD per transfer): [0, 1), [1, 10), [10, 100), [100, 1k), [1k, 10k), [10k, 100k), [100k, 1M), 1M+.

That is to say group [0, 1) contains data on transfers that had a USD value of more than or equal to 0 USD and strictly less than 1 USD.

k represents thousands, so 1k is 1,000. M represents millions, so 1M is 1,000,000.

Service transfers by time

curl "https://api.markets.chainalysis.com/v1/per-service/service-transfers-by-time?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2021-02-22 00:00:00",
    "name": "service_0",
    "category": "other named services",
    "day_of_week": 2,
    "hour_of_day": 0,
    "transfers_sent": 1.0,
    "transfers_received": 6.0,
    "asset_amount_sent": 0.0192,
    "asset_amount_received": 0.0344,
    "usd_amount_sent": 1088.2727,
    "usd_amount_received": 1954.076
  },
  {
    "time": "2021-02-22 00:00:00",
    "name": "service_1",
    "category": "other exchanges",
    "day_of_week": 2,
    "hour_of_day": 0,
    "transfers_sent": 4.0,
    "transfers_received": 2.0,
    "asset_amount_sent": 0.1076,
    "asset_amount_received": 0.02,
    "usd_amount_sent": 6110.3942,
    "usd_amount_received": 1149.399
  }
]

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The average wealth is equal to the weighted average holdings across all groups in the Wealth metric, and similarly for sent and received assets.

The wealth of sending entities is the wealth of entities that send assets in a time period, while the wealth of receiving entities is the wealth of entities that receive assets in a time period. So comparing the average wealth of sending versus receiving entities indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.

Definition

The number and value of transfers, sent or received by a business, grouped by the hour of the day and day of the week in which they are sent or received, using Universal Coordinated Time (UTC).

Dimensions

Dimension Description
time Daily time period
name Service name
category Entity category
day_of_week Day of the week of transfers (UTC time)
hour_of_day Hour of the day of transfers (UTC time)

Variables

Variable Description Time aggregation
transfers_sent Number of transfers sent Sum
transfers_received Number of transfers received Sum
asset_amount_sent Asset amount sent Sum
asset_amount_received Asset amount received Sum
usd_amount_sent USD amount sent Sum
usd_amount_received USD amount received Sum

Notes

This metric is only delivered via flat file.

Data is grouped by hour of the day, from 0 to 23, and day of the week, from 1 to 7, where 1 is Monday. Times are Universal Coordinated Time (UTC) in ISO 8601 format.

Service properties

curl "https://api.markets.chainalysis.com/v1/per-service/service-properties?asset=BTC"
  -H "token: 948cf07be9c989d637"

The above command returns JSON structured like this:

[
  {
    "time": "2021-02-22",
    "name": "service_0",
    "category": "crypto-to-fiat exchanges",
    "age_group": "[156, 208)",
    "gain_group": "1000+",
    "liquidity_group": "highly liquid",
    "wealth_group": "10k+",
    "assets_held": 10307.033,
    "assets_sent": 0.0,
    "assets_received": 0.0009,
    "transfers_sent": 0,
    "transfers_received": 2,
    "total_age_held": 1916096.0817,
    "total_age_sent": 0.0,
    "total_age_received": 0.1736,
    "total_liquidity_held": 10229.4361,
    "total_liquidity_sent": 0.0,
    "total_liquidity_received": 0.0009,
    "total_usd_cost_held": 49518103.4334,
    "total_usd_cost_sent": 0.0,
    "total_usd_cost_received": 4.4859,
    "total_usd_value_held": 587935143.5211,
    "total_usd_value_sent": 0.0,
    "total_usd_value_received": 53.2614
  },
  {
    "time": "2021-02-22",
    "name": "service_1",
    "category": "other named services",
    "age_group": "[208, 260)",
    "gain_group": "1000+",
    "liquidity_group": "highly liquid",
    "wealth_group": "[0.1, 1)",
    "assets_held": 0.6478,
    "assets_sent": 0.0,
    "assets_received": 0.0004,
    "transfers_sent": 0,
    "transfers_received": 1,
    "total_age_held": 145.7101,
    "total_age_sent": 0.0,
    "total_age_received": 0.0802,
    "total_liquidity_held": 0.6438,
    "total_liquidity_sent": 0.0,
    "total_liquidity_received": 0.0004,
    "total_usd_cost_held": 839.1857,
    "total_usd_cost_sent": 0.0,
    "total_usd_cost_received": 0.462,
    "total_usd_value_held": 36302.3048,
    "total_usd_value_sent": 0.0,
    "total_usd_value_received": 19.9865
  }
]

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The age, gain, liquidity, and wealth of each business. For example it describes the amount of assets held by each business, how long those assets have been held, the USD cost and gain of the assets, and the liquidity of the assets.

This combination of the age, gain, liquidity, and wealth metrics gives a detailed description of the properties of each business. For example, it can be used to analyse the the amount of cryptocurrency acquired over time by businesses in different categories and the liquidity of their assets, which indicates the likelihood that a business sends on assets it receives or continues to hold them.

Definition

Properties is the joint distribution of variables across the four dimensions of age, gain, liquidity and wealth. Service properties describes this for the set of entities that are services.

Age is the number of weeks an entity has held assets on average, across all addresses controlled by the entity, weighted by the amount of assets received and sent over time.

Gain is the weighted average USD value of assets when received by an entity relative to current price, accounting for assets sent, across all addresses controlled by the entity.

Liquidity is the average ratio of net to gross flows of assets of an entity over the lifetime of the entity, across all addresses controlled by the entity. A highly liquid entity sends on average all to ⅔ of the assets it receives, a liquid entity sends ⅔ to ¼ of the assets it receives, and an illiquid entity sends ¼ to none of the assets it receives.

Wealth is the amount of an asset held by an entity, across all addresses controlled by the entity. That is to say the balance of an entity.

Dimensions

Dimension Description
time Weekly time period
name Service name
category Entity category
age_group Age group (in weeks)
gain_group USD gain group (in % USD gain or loss)
liquidity_group Liquidity group (highly liquid, liquid, or illiquid)
wealth_group Wealth group (in asset amount held)

Variables

Variable Description Time aggregation
assets_held Amount of assets held Average
assets_sent Amount of assets sent Sum
assets_received Amount of assets received Sum
transfers_sent Number of transfers sent Sum
transfers_received Number of transfers received Sum
total_age_held Total age of assets held (asset amount * weeks) Average
total_age_sent Total age of assets sent (asset amount * weeks) Sum
total_age_received Total age of assets received (asset amount * weeks) Sum
total_liquidity_held Total liquidity of assets held (asset amount * liquidity, where 0 is fully illiquid, 1 is fully liquid) Average
total_liquidity_sent Total liquidity of assets sent (asset amount * liquidity, where 0 is fully illiquid, 1 is fully liquid) Sum
total_liquidity_received Total liquidity of assets received (asset amount * liquidity, where 0 is fully illiquid, 1 is fully liquid) Sum
total_usd_cost_held Total USD cost of assets held (asset amount * cost) Average
total_usd_cost_sent Total USD cost of assets received (asset amount * cost) Sum
total_usd_cost_received Total USD cost of assets sent (asset amount * cost) Sum
total_usd_value_held Total USD value of assets held (asset amount * price) Average
total_usd_value_sent Total USD value of assets received (asset amount * price) Sum
total_usd_value_received Total USD value of assets sent (asset amount * price) Sum

Notes

This metric is only delivered via flat file.

Data is grouped in the groups of the Age, Gain, Liquidity, and Wealth metrics. This is provided per service. Each service is also categorised into an entity category, allowing for easy identification of services in similar categories of business, such as exchanges.

The weighted average age of holdings across groups of services can be calculated (within a time period) by summing, across groups, total_age_held and, separately, assets_held, then dividing the sum of total_age_held by the sum of assets_held. This can be applied equivalently to sent and received variables. It can also be applied equivalently for the average cost, using total_usd_cost_held, gain, using total_usd_value_held minus total_usd_cost_held, and liquidity, using total_liquidity_held.

The weighted average holdings across groups of services can be calculated (within a time period) by summing, across groups, assets_held and, separately, entities_held, then dividing the sum of assets_held by the sum of entities_held. This can be applied equivalently to sent and received variables.

The properties of assets sent are the properties of assets held by the entities that send assets in a time period, while the properties of assets received are the properties of the assets held by the entities that receive assets in a time period. So comparing the groups that send versus receive indicates how the properties of the supply are changing.

Data is weekly, so it contains data generated between 00:00:00Z on a Monday and ends at 23:59:59Z on a Sunday. Variables that describe a flow, such as assets sent or received, give data on the flow occurring between the start and the end of the week. For example, data for the week of 2020-01-06 describes the assets sent or received between 2020-01-06T00:00:00Z and 2020-01-12T23:59:59Z. Variables that describe a state, such as assets held, give data on the state at the end of the week. For example, data for the week of 2020-01-06 describes the assets held as of 2020-01-12T23:59:59Z.